Joshua Schulman will be named CEO of the Michael Kors brand with effect today, succeeding John D. Idol as CEO of Capri Holdings in September 2022, when Idol takes over as CEO.
Initially, Schulman will be responsible for all aspects of the Michael Kors brand globally and report directly to Idol, Chairman and CEO of Capri Holdings.
Rumors swirled in November last year that Schulman might jump to Capri after his competitive rivalry expired, as reported in Headline 4 Ever.
Schulman had previously served as President and CEO of the Coach brand from 2017 to 2020. Previously, he was with Neiman Marcus Group as President of Bergdorf Goodman from 2012 to 2017 and had assumed additional responsibility for NMG International with the acquisition of Mytheresa.com in 2014. From 2007 to 2012, Schulman was the CEO of Jimmy Choo. Previously, he held leading positions in global fashion and luxury brands, including Yves Saint Laurent and Gucci.
“I’m excited to have Josh join Capri Holdings as CEO of the Michael Kors brand. Josh is a unique leader with brand detail experience, industry depth and a proven track record for successful operation and growth of luxury brands, ”said Idol.
“I’m happy to join Capri as CEO of Michael Kors,” Schulman said. “I have long admired Michael’s design vision and how the brand creates timeless fashion and embodies jet set glamor. I look forward to working closely with him and the talented Michael Kors management team to build on the brand’s long-standing success. ”
In September 2022, Schulman will also be appointed to the Board of Directors of Capri Holding. Following Schulman’s appointment as CEO of Capri Holdings, Idol will work closely with Schulman to transfer the role of CEO and continue to provide senior management to the Board of Directors.
“We believe our plan allows for a smooth CEO transition next fall. I look forward to working with Josh on the overall strategic direction of the group as well as on potential strategic acquisitions, ”said Idol.
“I am honored and excited to take on the role of CEO of Capri Holdings next year,” Schulman added. Capri Holdings has uniquely positioned itself as a leading global fashion luxury group. I have tremendous respect for what the teams have accomplished across the three founder-led brands. I believe in the strategic vision for Capri Holdings and I look forward to working with Jon and the Board of Directors to lead Capri Holdings through its next growth phase. ”
Capri, whose brands include Cross, Versace and Jimmy Choo, generated revenue of $ 4.1 billion for the year ending March 27 and revenue of $ 5.6 billion a year just before the pandemic.