Capri Holdings appoints Cedric Wilmotte as head of Michael Kors
After 13 years of successful management of the EMEA (Europe, Middle East and Africa) division of Michael Kors, Cedric Wilmotte has been appointed head of the flagship brand of the American group Capri Holdings.
By Eva Morletto26 janvier 2023
Cedric Wilmotte knows the fashion world very well. Prior to his arrival at Michael Kors in 2008, he held various management positions at Donna Karan in New York, London and Milan from 1998 to 2004 and at Marc Jacobs from 2004 to 2008. Until recently, he was interim CEO of Versace, and continues to lead the Versace operation.
Capri Holdings, led by John D. Idol, owner of Michael Kors, Versace and Jimmy Choo, is looking forward to ambitious financial results in the coming years and is aiming to acquire strong new luxury brands to add to its portfolio. The group's objective, revealed last spring during its investor day, is to reach 8 billion dollars in turnover, to invest 300 million each year, to progressively reach a 40% increase in sales. The 2021/2022 financial year ended with a turnover of 5.65 billion dollars.
Michael Kors is certainly one of the driving forces behind Capri Holdings' success, particularly through its marketing strategies that focus on innovation and original collaborations. In 2022, Michael Kors teamed up with Italian brand Ellesse to launch a 24-piece capsule collection of sporty-chic and retro designs. In 2019, it was the association with the mythical New York club Studio 54 that accelerated Michael Kors' desirability and allowed it to break away from its image as an accessible luxury brand that is too classic.
In the second quarter of the 2023 financial year (ending last September), the brand recorded an increase of 9.2% and sales of $962 million.
Cedric Wilmotte joins Michael Kors as CEO after Joshua Schulman, who took over as head of the brand in August 2021. It was a short stint for this executive, who had already proven himself at Gucci and Bergdorf Goodman, and had been praised for his ability to turn around the New York brand Coach.
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