Capri Holdings brands in 2026: Michael Kors and Jimmy Choo, and what each earned last quarter

Capri Holdings now owns two brands: Michael Kors and Jimmy Choo. That is what the company's own website says, and it follows the December 2, 2025 sale of Versace to Prada Group. Capri used to be the group that held all three. Its August 5, 2026 results are the first full picture of the smaller company, and they split sharply between the two names.

Which brands Capri owns

Capri Holdings' website describes the company as a global fashion luxury group and lists two brands. Michael Kors was founded in New York City in 1981, and Jimmy Choo in London in 1996. The company is listed on the New York Stock Exchange under the ticker CPRI, and its results release is datelined London.

Versace is gone. Capri's first quarter fiscal 2027 release says the company and Prada entered into a Stock Purchase Agreement for the subsidiaries operating the Versace business, and that "On December 2, 2025, the Company completed the sale of its Versace business." Prada's own release of the same date confirms the completion. Capri now reports Versace as discontinued operations, so the results below cover only the two remaining brands.

The quarter in numbers

For the quarter ended June 27, 2026, Capri reported total revenue of $769 million, down 3.5% from a year earlier and down 4.1% in constant currency. Gross margin was 65.0%, up from 63.0%. The release attributes the 200 basis point gain mainly to higher full-price sell-throughs and lower tariff rates than a year earlier. Income from operations was $17 million, a 2.2% margin, and net income was $69 million, or $0.60 per diluted share.

Net inventory was $624 million, 20% lower than a year earlier. Capri spent $50 million repurchasing about 2.6 million shares at an average of about $19.31, and $871 million remained available on its buyback program.

Michael Kors: bigger and shrinking

Michael Kors made $590 million in the quarter, down 7.1% (down 7.6% in constant currency). The release says about $10 million of that came from wholesale shipments that landed earlier than planned, so the underlying figure is a little weaker than it reads. Gross margin rose to 63.9% from 61.1%, but operating income fell to $55 million, a 9.3% margin against 9.9% a year earlier. Capri blames expense deleverage on lower revenue.

Michael Kors is about 77% of the company: $590 million of $769 million. Whatever happens to Capri depends on it, and a 7% fall in the larger brand outweighs a 10% rise in the smaller one by a wide margin.

Jimmy Choo: smaller and growing

Jimmy Choo's revenue was $179 million, up 10.5% (9.3% in constant currency). Gross margin was 68.7%, down from 70.4% on channel mix. Operating income rose to $13 million, a 7.3% margin, from $4 million and 2.5%, which the release credits to expense leverage on higher revenue.

Chairman and chief executive John D. Idol said: "As we look at the balance of fiscal 2027 we expect Jimmy Choo to continue to grow and return to profitability." The release does not define which profitability measure it means for the full year, and the quarter itself showed $13 million of operating income, so treat the line as a target, not a result.

What the release does not show

The release breaks results out by brand and gives a few cost and margin explanations, but in the passages we read it gives no store counts, no split of revenue by region, and no sales figure for the Versace business it sold. That means the EMEA softness the company cites cannot be sized from this document. The 10-Q is the next place to look, and we have not cited it here.

The outlook, and the catch

Capri now expects fiscal 2027 revenue of approximately $3.4 billion and earnings per share of approximately $2.15, which it describes as 40% growth over the prior year. The revenue number was cut. The release cites lower than anticipated inventory levels at Michael Kors in the second quarter, softer trends in EMEA and updated currency assumptions. The earnings number held because the company is reducing operating expenses.

That is a familiar pattern: revenue guidance falls, profit guidance holds through cost cuts. It can work for a year. It does not fix a brand whose largest unit is shrinking. The release also says the quarter exceeded expectations, which is true on its own guidance but compares with the company's own earlier target, not with last year.

Balance sheet is the clearer win. Cash was $114 million and borrowings $338 million, so net debt was $224 million, against $1.5 billion on June 28, 2025. The Versace sale closed in between, but the release does not itemize the change, so we describe the inference without stating it as fact.

For a parallel case, see how a US apparel group splits the same job across brands in our piece on who owns Calvin Klein.

Our take

Capri is a two-brand company, and the quarter says one brand is carrying the story and the other is carrying the bulk of the revenue. Jimmy Choo is the encouraging part; Michael Kors is the part that decides the year. What we would watch is Michael Kors' inventory and EMEA trends in the second quarter report. What we would skip is any list that still counts Versace as a Capri brand, because the filing is explicit that the sale closed on December 2, 2025 and the business is no longer in Capri's results.