Group 1: Nike's Leadership Restructuring - Nike has restructured its senior leadership team as part of its "Win Now" strategy to enhance execution and reduce management layers [2][3] - Venkatesh Alagirisamy has been promoted to COO, overseeing supply chain, operations, manufacturing, sustainability, and technology, with the CTO role being removed from the CEO's reporting line [3] - The restructuring includes the exit of two EVPs, Craig Williams and Muge Dogan, with the CCO role being eliminated entirely [3][4] - Nike's four regional heads will now report directly to CEO Elliott Hill, and sales will report to CFO Matt Friend, aiming for tighter integration of operations and technology [4] Group 2: Burberry's Executive Appointments - Burberry has appointed Matteo Calonaci as chief operating and supply chain officer and Johnattan Leon as chief customer officer [5][6] - Calonaci will oversee supply chain, planning, strategy, transformation, and data analytics, succeeding Klaus Bierbrauer [6] - Leon will lead customer engagement, service, and retail excellence teams, transitioning from his role as senior vice president of commercial [7][8] Group 3: Versace's Creative Director Change - Following the Prada Group's acquisition of Versace, Dario Vitale, the creative director, is stepping down after eight months in the role [9] - Until a new creative director is appointed, the design team will report directly to Versace CEO Emmanuel Gintzburger [9]

Core Viewpoint - The Prada Group has successfully acquired Versace for $1.375 billion, aiming to revitalize the brand's performance after its lackluster results post-pandemic while integrating it with Prada's and Miu Miu's distinct aesthetics [1][2]. Acquisition Details - The acquisition was finalized after receiving all necessary regulatory approvals, with Capri Holdings planning to use the proceeds to reduce its debt [2]. - Versace was previously owned by Capri Holdings, which had purchased it for $2 billion in 2018 but struggled to align the brand with current luxury trends [7]. Leadership and Future Strategy - Lorenzo Bertelli, heir to the Prada Group, will lead Versace as executive chairman, indicating no immediate executive changes despite acknowledging the brand's historical underperformance [4]. - Donatella Versace expressed her enthusiasm for the acquisition, linking it to the legacy of her late brother, Gianni Versace [3]. Financial Impact - Versace accounted for 20% of Capri Holdings' projected revenue of €5.2 billion for 2024, while it is expected to represent 13% of the Prada Group's pro-forma revenues, with Miu Miu at 22% and Prada at 64% [9]. - The Prada Group reported a 17% increase in revenues to €5.4 billion last year, indicating a strong financial position to support the acquisition [9]. Creative and Operational Integration - Versace is undergoing a creative relaunch under new designer Dario Vitale, who previously led design at Miu Miu, although this transition was not directly related to the acquisition [6]. - The Prada Group is preparing to integrate Versace into its manufacturing system, emphasizing the shared expertise in production across its brands [11][12]. Investment in Growth - The Prada Group has invested €60 million in its supply chain this year, which includes new factories and increased production capabilities, building on a total investment of €200 million from 2019 to 2024 [14].

Core Insights - The Prada Group has officially acquired the Versace brand, with the acquisition closing on December 2, coinciding with Gianni Versace's birthday [1] - The acquisition received all necessary regulatory approvals, including the European Commission's clearance in September [1] - The enterprise value of the acquisition from Capri Holdings was reported at 1.25 billion euros [3] Company Leadership - Lorenzo Bertelli, head of CSR at Prada Group and son of Patrizio Bertelli and Miuccia Prada, is expected to become the executive chairman of Versace [2] - Prada Group also owns other brands including Miu Miu, Car Shoe, and Church's [2] Brand Management - Donatella Versace stepped down from her role as creative director after nearly 30 years, with Dario Vitale succeeding her and debuting a new collection in September [4] - Vitale's collection received positive reviews for its vibrant designs that honor Gianni Versace's legacy [4] Strategic Rationale - Lorenzo Bertelli emphasized that Versace's distinct aesthetic from Prada's existing brands is a strength, allowing the group to reach new audiences [5] - The acquisition is seen as a significant opportunity to express a different brand message and tap into Versace's potential [5] Financial Outlook - Prada Group reported an 8% revenue increase to 2.74 billion euros in the first half of the year [6] - Versace is projected to generate revenues of $810 million in 2024, with an expected high-single-digit negative operating profit margin [6] - Versace operates through a global network of 227 stores, but its business was categorized as a discontinued operation in Capri Holdings' first-quarter sales [6]

Group 1 - The company has experienced 19 consecutive quarters of uninterrupted growth, indicating strong overall performance and consistency at the group level [1] - The brand Mimu has shown significant growth, with expectations for continued growth despite normalization of performance [1] - There is a cautious optimism regarding the Chinese consumer market, with signs of stabilization and potential resurgence in consumption anticipated by 2026 [3] Group 2 - The US market is currently in a good place, with positive performance noted, especially as the festive season approaches [4] - Despite the positive outlook, there are concerns about potential market bubbles that could lead to volatility in the future [5]

Core Insights - Prada Group recorded consolidated net revenues of €4.07 billion ($4.72 billion) for the nine months ending 30 September 2025, reflecting a 9% year-on-year rise at constant currency, marking the company's 19th consecutive quarter of growth [1][2][6] Financial Performance - Retail sales increased 9% year-on-year to €3.65 billion, supported by like-for-like and full-price sales [1] - Third-quarter retail sales rose 8%, consistent with the second quarter [1] - Miu Miu saw a 41% increase in retail sales for the nine-month period and a 29% rise in the third quarter, following a 105% surge in Q3 2024 [3] - Prada brand retail sales declined 1.6% over the nine months and 0.8% in the third quarter [3] Regional Performance - Asia Pacific logged 10% growth, driven by improving conditions in mainland China [4] - Europe rose 6%, supported by both domestic and tourist spending [4] - The Americas grew 15%, showing sequential acceleration in the third quarter [4] - Japan recorded a 3% increase, with stronger local demand and higher tourist inflows [4] - The Middle East advanced 21%, although growth moderated in the third quarter due to high comparatives [4] Strategic Focus - The company continues to emphasize creativity, product excellence, and craftsmanship as foundations for enduring relevance and long-term development [3][6] - Prada is focusing on its creative output through campaigns including Prada Galleria, Couleur Vivante, and Fall/Winter 25 [5] - Miu Miu broadened its presence in the beauty segment with the launch of Miutine, its debut fragrance developed in collaboration with L'Oréal [5] Management Commentary - The chairman and executive director highlighted the consistency of results in a complex macroeconomic environment, confirming the strength of the brands and the validity of the strategy [2] - The CEO noted that the performance confirms the health of the brands and diligent execution by the teams, with Prada accelerating versus the previous quarter [6] - The company remains confident in its trajectory, focusing on products and experiences that spark emotional engagement while improving speed and flexibility [7]

Core Insights - Prada's performance is characterized as resilient, with a noted decline in retail sales in the second part of Q2, followed by steady improvement in Q3, attributed to effective retail strategies and brand management [1][2] - The company reported a 6% increase in revenues to 4.07 billion euros for the first nine months of the year, marking 19 consecutive quarters of growth [3] Financial Performance - Retail sales at constant exchange rates declined by 1.6% to 2.53 billion euros over nine months, with a slight decrease of 0.8% in Q3 [1] - Miu Miu's retail sales surged by 41% to 854 million euros, contributing 32% to total sales, compared to 25% in the same period last year [4] - Overall revenues rose by 6% to 4.07 billion euros, with a 9% increase at constant exchange rates [3] Geographic Performance - Retail sales in Asia-Pacific increased by 7% (10% at constant exchange rates) to 1.21 billion euros [7] - Europe saw a 4% increase to 1.13 billion euros, driven by domestic and tourist spending [8] - The Americas experienced an 11% growth in retail sales to 637 million euros, with a 15% increase at constant exchange rates [9] Market Trends and Consumer Behavior - Consumer spending remained stable in Q3, with a plateau observed in China, while domestic spending in Europe supported growth [8] - The company noted a shift in consumer behavior in North America, leading to strong sales performance [10] Creative and Strategic Initiatives - The company emphasized its commitment to creativity, product excellence, and craftsmanship as key drivers for long-term growth [2] - Prada is focusing on expanding its beauty segment, with recent successful launches in collaboration with L'Oréal [16][17] Future Outlook - The company anticipates that upcoming changes in the fashion industry will enhance traffic and desirability for luxury brands [14] - Price increases in 2026 will align with recent trends, with a focus on maintaining credibility in pricing strategies [19]

Core Insights - Brands are emerging as trusted entities amid political instability and societal polarization, ranking just below personal relationships in consumer trust [1][2] - The Deloitte report indicates that consumers are increasingly viewing brands as promoters of aspirational value systems [1] Consumer Trust in Brands - Brands have surpassed governments and institutions in consumer trust, with a survey of 7,000 respondents across seven key consumer countries revealing this trend [2] - Trust in small and indie brands stands at 51%, while larger brands are trusted by 58.2% of respondents, both figures showing an increase compared to five years ago [3] Expectations from Brands - Consumers expect brands to cultivate direct relationships, promote authentic storytelling, and maintain a clear identity [4] - Personalization is crucial, with 57.9% of respondents influenced by tailored products and services in forming long-term connections with brands [5] Brand Identity and Consistency - The identity of fashion brands is increasingly shaped by consumer perceptions rather than solely by the brands themselves, highlighting the importance of understanding one's own identity [6]

Core Insights - Capri Holdings Limited (CPRI) reported disappointing fourth-quarter fiscal 2025 results, with both revenue and earnings declining year over year, although total revenues exceeded the Zacks Consensus Estimate while earnings fell short [1][2] Financial Performance - The company posted an adjusted quarterly loss of $4.90 per share, significantly wider than the Zacks Consensus Estimate of a loss of 16 cents, and down from adjusted earnings of 42 cents in the prior year [4] - Total revenues were $1,035 million, a decrease of 15.4% year over year on a reported basis and 14.1% on a constant-currency basis, surpassing the Zacks Consensus Estimate of $983 million [5] - Gross profit fell 17.7% year over year to $631 million, with gross margin contracting 170 basis points to 61% [5] Segment Performance - Versace revenues decreased 21.2% year over year to $208 million, with gross profit dropping to $136 million and gross margin contracting 60 basis points to 65.4% [6] - Jimmy Choo's revenues were $133 million, down 2.9% on a reported basis, with gross profit decreasing to $88 million and gross margin contracting 390 basis points to 66.2% [7] - Michael Kors revenues were $694 million, a decrease of 15.6% on a reported basis, with gross profit falling to $407 million and gross margin contracting 220 basis points to 58.6% [8] Strategic Developments - Capri Holdings is in the early stages of a strategic turnaround, with positive indicators emerging from new initiatives despite ongoing macroeconomic challenges [2] - The announced sale of the Versace brand to Prada Group for $1.375 billion aims to sharpen focus, strengthen the balance sheet, reduce debt, and potentially reinstate share repurchases [3][11] Financial Health - As of the end of the quarter, Capri Holdings had cash and cash equivalents of $166 million, long-term debt of $1.48 billion, and total shareholders' equity of $372 million [9] - Operating cash flow for fiscal 2025 was $281 million, while free cash flow totaled $153 million [9] Future Outlook - For the first quarter of fiscal 2026, total revenues are expected to be in the range of $765 to $780 million, indicating a decline from $1,067 million in the year-ago quarter [13] - For fiscal 2026, total revenues are projected to be between $3.3 billion and $3.4 billion, down from $4.4 billion in 2025, with an anticipated operating income of around $100 million [15] - Diluted earnings per share for fiscal 2026 are forecasted to be between $1.20 and $1.40, compared to a loss of $10 per share in 2024 [16]

Versace Sale & Strategic Shift - Capri Holdings entered an agreement to sell Versace to Prada Group for $1.375 billion in cash, expected to close in the second half of calendar 2025[4] - Proceeds from the Versace sale will be used for future growth investments, debt reduction, and a potential share repurchase program[6] - Beginning in fiscal year 2026, Versace will be classified as a discontinued operation[5] Fiscal Year 2025 Performance - Fourth quarter revenue decreased by 15%[9] - Michael Kors fourth quarter revenue decreased 16%[12] - Jimmy Choo fourth quarter revenue decreased 3%[26] - The company's global customer database increased by 10% year-over-year[9] Fiscal Year 2026 Outlook - The company projects first quarter revenue of approximately $765 million to $780 million[32] - The company projects fiscal year 2026 revenue of approximately $3.3 billion to $3.4 billion[32] - The company projects fiscal year 2026 net interest income of approximately $85 million to $90 million[32]