Capri Holdings recently announced that Cedric Wilmotte will step down as CEO of Michael Kors, with John Idol, the chairman and CEO of Capri Holdings, taking over the role on December 2, 2024. Idol expressed gratitude for Wilmotte’s 16 years of service but provided little information regarding the sudden departure.

In addition to the leadership change, Philippa Newman, a company veteran, has been promoted to Chief Product Officer. Newman, who joined Michael Kors over 14 years ago, will oversee merchandising, production, and design, working alongside Chief Creative Officer Michael Kors.

The reshuffle comes amid a difficult period for Capri, which has seen declining revenues across its portfolio, including Versace, Jimmy Choo, and Michael Kors. The company’s recent financial update revealed a greater-than-expected drop in revenue, attributed to challenges in brand execution and a global slowdown in luxury goods demand.

This leadership change follows setbacks for Capri, including the Federal Trade Commission’s decision to block Tapestry’s $8.5 billion acquisition of Capri, further complicating the company’s financial outlook. However, Capri remains focused on its strategy to stabilize revenues and drive growth across its brands with a revamped product strategy and focus on consumer engagement.

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