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Luxury Group Michael Kors (KORS) will now be known as Capri Holdings Limited. Effective January 2, 2019, it will trade on the New York Stock Exchange under the new ticker CPRI. The company missed revenue guidance for the second quarter of fiscal 2019, which brought the stock down 14.6% on November 7.
said Monday it was changing its name to Capri Holdings Limited and will begin trading under the ticker symbol "CPRI" on Wednesday, Jan. 2. The announcement came after the company said it completed its acquisition of fellow luxury brand Versace for about $2.12 billion. "With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world," said Chairman and CEO John D. Idol.
Michael Kors Holdings Ltd. said Monday it is changing its name to Capri Holdings Ltd. effective Jan 2. The company, which has just completed its acquisition of Versace, a move aimed at bolstering its luxury brand, said it is also changing ticker symbol to CPRI from KORS on that date. "With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world," Chief Executive John Idol said in a statement. "The new name for our group, Capri Holdings, is inspired by the fabled island which has long been recognized as an iconic, glamorous and luxury destination." The acquisition is expected to help grow the company's revenue to $8.0 billion in the long term and to boost Versace's revenue to $2 billion. The company is aiming to grow revenue at its Jimmy Choo brand to $1.0 billion and its core Michael Kors brand to $5 billion. Versace was purchased for a total enterprise value of 1.83 billion euros ($2.1 billion). The Michael Kors brand has struggled in recent quarters to meet sales estimates, leading the company to pull back from the wholesale channel to protect it from discounting. Shares were not yet active premarket, but have fallen 41% in 2018, while the S&P 500 has fallen 7%.
Capri Holdings Limited, a global fashion luxury group, announced today that it has changed its name from Michael Kors Holdings Limited (KORS), and beginning on January 2, 2019, its New York Stock Exchange ticker symbol will be CPRI. The company is also pleased to announce that it has completed its acquisition of Versace. John D. Idol, Chairman and Chief Executive Officer of Capri Holdings said, “With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world.
Looking at Michael Kors Holdings Limited's (NYSE:KORS) earnings update in September 2018, it seems that analyst forecasts are fairly optimistic, with earnings expected to grow by 26% in the upcoming Read More...
Tapestry Inc (NYSE: TPR ) shares are down 34 percent since mid-August versus 7 percent decline in the S&P 500. This has resulted in an attractive valuation, given the company’s momentum and visible catalysts, ...
# Michael Kors Holdings Ltd ### NYSE:KORS Score: Positive (90) 2 days at current score. Upgraded from Neutral on December 12th 2018 View full report here! ## Summary * This company ranked positively in all 3 IHS Markit categories and the Consumer Services sector * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output in this company's sector is expanding ## Bearish sentiment Short interest | Positive Short interest is extremely low for KORS with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting KORS. ## Money flow ETF/Index ownership | Positive ETF activity is positive. Over the last month, ETFs holding KORS are favorable, with net inflows of $11.85 billion. Additionally, the rate of inflows is increasing. ## Economic sentiment PMI by IHS Markit | Positive According to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Consumer Services sector is rising. The rate of growth is weak relative to the trend shown over the past year, but is accelerating. ## Credit worthiness Credit default swap CDS data is not available for this security. Please send all inquiries related to the report to firstname.lastname@example.org. Charts and report PDFs will only be available for 30 days after publishing. This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
NEW YORK, NY / ACCESSWIRE / December 12, 2018 / U.S. equities finished lower on Tuesday after bouncing between the red and green territory. The stocks gained more than 1% across the board on improving ...
Stitch Fix said its active clients grew 22 percent during the quarter to 2.9 million. The personal styling service said it benefited during the quarter from adding new brands like Michael Kors, Bonobos, Converse and Madewell for shoppers to choose from.
Most stocks reacted poorly to Friday's jobs report. Michael Kors was one of the harder hit, but despite being marked down, it may not be a bargain yet.
As of December 3, of the 15 analysts covering Hanesbrands (HBI) stock, 40% recommend a “buy” and the remaining 60% have given HBI a “hold” rating. In the past 15 days, there has been one price target change for HBI. On December 1, Citigroup raised its price target to $18.00 from $17.00.
Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as Michael Kors Holdings Limited (NYSE:KORS), with a market cap of US$6.6b, often Read More...
Tiffany earnings narrowly topped third-quarter views Wednesdsay, but revenue and same-store sales came in light for the high-end jeweler.
In the past 15 days, there has been no price target action for VFC stock. Wall Street analysts’ 12-month average target price for VFC stock is $98.52, which implies a 24.8% upside to the stock’s price on November 23.
Shoppers across the United States snapped up deep discounts on toys, clothing and electronics both online and at stores on Black Friday, giving retailers a strong start to their make-or-break holiday season. “The prices today are very good,” said Jose Manuel Cruz Hernandez, 59, who hit the Del Amo Fashion Center in Torrance, California, with his sister Paulina Cruz, 66, who comes every year from Mexico City to shop. Cruz Hernandez, a foreman at an aerospace firm, said he was comfortable with the U.S. economy and his own finances and plans to spend another $1,000 on holiday gifts - about the same as last year.