At Capri Holdings, Gabriel was chief supply chain officer for Michael Kors, Jimmy Choo, and Versace. Gabriel will succeed David Savman who will assume the position of global brand president, Calvin Klein. A seasoned supply and operations executive, Gabriel has worked for more than 25 years leading supply, manufacturing and logistics organisations at global consumer goods companies like Mondelez International and AB InBev. Throughout her global career, she has led end-to-end supply chains with commercial ...

This audio is auto-generated. Please let us know if you have feedback PVH Corp., the parent company of apparel brands Calvin Klein and Tommy Hilfiger, appointed Patricia Gabriel as its next chief supply chain officer and global head of operations, per a press release obtained by sister publication Supply Chain Dive. At PVH, she will oversee global operations and the end-to-end supply chain for the company and its brands across multiple regions and functions. “In Calvin Klein and Tommy Hilfiger, PVH has two ...

Patricia Gabriel is trading in her Michael Kors and Jimmy Choos for some Calvin Klein and Tommy Hilfiger. PVH Corp., which owns both Tommy Hilfiger and Calvin Klein, has hired Gabriel out of Capri Holdings to become its chief supply chain officer and global head of operations. More from WWD She takes over the role from David Savman, who’s been pulling double duty since becoming global brand president of Calvin Klein in May. Gabriel, who has worked for more than 25 years in consumer supply chains at the l ...

Core Viewpoint - Prada's performance in the first half of the year was slightly below expectations, with net retail sales for both the Prada and Miu Miu brands not meeting forecasts, leading to a decline in stock price [1] Financial Performance - Prada reported revenue of €2.74 billion, which was 2% lower than both the bank's and market expectations [1] - The retail net sales for Prada decreased by 3.6%, while Miu Miu's sales increased by 40% [1] - Sales growth for Prada, when adjusted for fixed exchange rates, was 9% year-on-year, aligning closely with the bank's predictions [1] Profitability and Costs - The gross margin exceeded expectations due to channel structure optimization, but net profit was below expectations due to costs associated with the acquisition of Versace and weak sales [1] - Net profit increased by 0.6% year-on-year, which was 7% lower than the bank's forecast [1] Market Trends and Future Outlook - The management anticipates that tourism consumption demand will remain under pressure in the third quarter, with Miu Miu facing significant year-on-year comparison challenges [1] - Management expects overall tourist traffic in Japan and Europe to stabilize by the end of August [1] - There is a belief that Miu Miu has low penetration rates in many countries and potential for further improvement in product categories and combinations [1]

Core Viewpoint - Citi has downgraded Prada's net profit forecast for 2025 to 2027 by 5% to 6%, citing lower sales expectations for Prada and Miu Miu, alongside increased advertising and promotional expenses and sales costs [1] Group 1: Financial Performance - Prada's revenue for the first half of the year was €2.74 billion, which was 2% lower than both Citi's and market expectations [1] - Retail net sales for the Prada and Miu Miu brands were slightly below expectations, with Prada experiencing a decline of 3.6% and Miu Miu seeing an increase of 40% [1] - The gross margin exceeded expectations due to channel structure optimization, but costs related to the acquisition of Versace and weak sales led to net profit falling short of expectations [1] Group 2: Valuation and Target Price - Citi has adjusted its valuation basis, estimating the enterprise value to EBITDA at approximately 9 times, down from the previous 13 times [1] - The target price for Prada has been reduced from HKD 72 to HKD 50, while maintaining a "outperform" rating due to Miu Miu's growing market share and attractive risk-reward ratio [1] Group 3: Market Conditions - The demand for travel consumption has continued to face pressure in the third quarter, with Miu Miu expected to face the most significant year-on-year comparative base pressure [1]

Core Viewpoint - Prada's stock price fell by 14.32% to HKD 40.1 per share, marking a new low since January 2024, primarily due to disappointing earnings results [1] Financial Performance - For the first half of 2025, Prada reported net revenue of €2.74 billion, a year-on-year increase of 9%, with actual growth at 8% [1] - Retail sales reached €2.45 billion, reflecting a 10% year-on-year growth, while adjusted EBIT was €619 million, maintaining a profit margin of 22.6% [1] - Gross margin improved to 80.1%, up by 0.3 percentage points compared to the same period last year [1] Brand Performance - Sales for the Prada and Miu Miu brands were slightly below expectations, with Prada's sales down by 3.6% and Miu Miu's up by 40% [1] - The company is facing significant year-on-year comparison pressure for the Miu Miu brand due to ongoing challenges in tourism consumption [1] Market Reactions and Forecasts - Analysts from various firms have adjusted their profit forecasts for Prada, with a 5% to 6% reduction in net profit predictions for 2025 to 2027 [2] - Morgan Stanley noted a slowdown in luxury goods consumption among cross-border travelers, leading to a 6.1% year-on-year sales growth in Q2, down from 12.5% in Q1 [2] - Target prices for Prada's stock have been revised downwards, with estimates dropping from HKD 72 to HKD 50 by one firm and from HKD 66 to HKD 62 by Morgan Stanley [2]

Group 1 - LVMH has experienced a decline of over 40% from its all-time high, resulting in a loss exceeding €100 billion in market capitalization [1] - The current valuation of LVMH is considered minimally attractive despite the significant decline [1]

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]

Core Viewpoint - Capri Holdings (CPRI) is expected to report a quarterly loss of $0.16 per share, reflecting a year-over-year decline of 138.1%, with anticipated revenues of $982.81 million, down 19.6% from the previous year [1] Revenue Estimates - The consensus estimate for 'Revenue- Versace' is $195.54 million, indicating a decline of 25.9% from the prior-year quarter [3] - Analysts predict 'Revenue- Michael Kors' will reach $660.03 million, representing a decrease of 19.7% from the year-ago quarter [4] - 'Geographic Revenue- Americas' is expected to be $527.03 million, down 18.5% from the previous year [4] - 'Geographic Revenue- Asia' is projected at $168.26 million, indicating a decline of 24.9% from the prior-year quarter [5] - 'Geographic Revenue- EMEA' is anticipated to reach $292.33 million, reflecting a decrease of 17% from the year-ago quarter [5] Operational Income - The average prediction for 'Income from operations- Michael Kors' is $36.42 million, a significant drop from $116 million reported in the same quarter of the previous year [6] Stock Performance - Capri Holdings shares have increased by 13% over the past month, outperforming the Zacks S&P 500 composite, which rose by 8.2% [6]