The invitation for the latest Versace show was suitably mysterious – a dossier marked "Confidential". Inside guests were invited to the first menswear show since Versace was sold to a certain US fashion group last year.
Michael Kors undershot analysts’ revenue estimates for the first time in almost two years in Q2, as the luxury fashion firm saw lower sales at retail stores in Europe, where it’s trying to boost its performance.
Michael Kors may have seen its shares falling sharply after sales missed analysts’ forecasts, but the message from the company’s top team was (almost) all positive as it looked to a time when it will be an $8bn group.
The cat was already out of the bag yesterday but that didn’t detract from the impact of the news on Tuesday that Michael Kors is acquiring Versace for around $2 billion and changing its name to Capri Holdings.
The fashion house's efforts to revamp stores as well as its high-end shoe brand Jimmy Choo paid off as the company topped Wall Street’s quarterly profit estimates on Wednesday and raised its full-year earnings forecast.
Planned investment in Jimmy Choo may have dragged down the share price at Michael Kors but it's upbeat for the luxury brand’s prospects and is working to boost its appeal to Millennials and drive accessories expansion.