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Joshua Schulman will be named chief executive officer of the Michael Kors brand effective today, and will succeed John D. Idol as chief executive officer of Capri Holdings in September 2022 when Idol will step up to executive chairman.
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Rumors were swirling last November that Schulman might make the jump to Capri after his non-compete expired, as reported in WWD.
Schulman had previously been president and CEO of the Coach brand from 2017 to 2020. Earlier, he was with Neiman Marcus Group as president of Bergdorf Goodman from 2012 to 2017, and had assumed additional responsibility for NMG International with the acquisition of Mytheresa.com in 2014. From 2007 to 2012, Schulman was CEO of Jimmy Choo. Previously, he held senior posts in global fashion and luxury brands including Yves Saint Laurent and Gucci.
“I am thrilled to have Josh join Capri Holdings as CEO of the Michael Kors brand. Josh is an outstanding leader with brand retail experience, industry depth and a proven track record of successfully operating and growing luxury brands,” Idol said.
“I am delighted to join Capri as CEO of Michael Kors,” Schulman said. “I have long admired Michael’s design vision and how the brand creates timeless fashion and embodies jet set glamour. I look forward to working closely with him and the talented Michael Kors management team to build upon the long-standing success of the brand.”
In September 2022, Schulman will also be appointed to the Capri Holdings’ board of directors. Upon Schulman’s appointment as CEO of Capri Holdings, Idol will work closely with Schulman to transition the role of CEO and continue to provide overall leadership to the board of directors.
“We believe our plan will allow for a smooth CEO transition next fall. I look forward to partnering with Josh on the overall strategic direction for the group as well as on potential strategic acquisitions,” Idol said.
“I am honored and excited to assume the role of CEO of Capri Holdings next year,” added Schulman. “Capri Holdings has uniquely positioned itself as a leading global fashion luxury group. I have tremendous respect of what the teams have accomplished across the three founder-led brands. I believe in the strategic vision for Capri Holdings and I look forward to partnering with Jon and the board in leading Capri Holdings through its next phase of growth.”
Capri, whose brands include Kors, Versace and Jimmy Choo, generated revenues of $4.1 billion for the year ended March 27 and revenues of $5.6 billion in the year just before the pandemic.