UK markets open in 2 hours 57 minutes
  • NIKKEI 225

    30,239.69
    +600.29 (+2.03%)
     
  • HANG SENG

    24,500.79
    -10.19 (-0.04%)
     
  • CRUDE OIL

    73.31
    +0.01 (+0.01%)
     
  • GOLD FUTURES

    1,752.20
    +2.40 (+0.14%)
     
  • DOW

    34,764.82
    +506.50 (+1.48%)
     
  • BTC-GBP

    32,271.82
    +3.47 (+0.01%)
     
  • CMC Crypto 200

    1,106.81
    -2.11 (-0.19%)
     
  • ^IXIC

    15,052.24
    +155.40 (+1.04%)
     
  • ^FTAS

    4,081.25
    -0.56 (-0.01%)
     

Michael Kors owner names former Coach head Schulman as next CEO

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Michael Kors parent Capri Holdings said on Tuesday luxury veteran Joshua Schulman would become its chief executive officer in September next year.

Shares in Capri rose 5% as analysts praised Capri's decision to bring in the executive credited with a turnaround of Tapestry Inc's Coach brand, which he helmed from 2017 to 2020.

Schulman has also been appointed as the head of the Michael Kors brand, effective immediately, and will report to outgoing Capri CEO John Idol.

Schulman was the top boss at Jimmy Choo between 2007 to 2012, and has also held senior positions at Yves Saint Laurent, Gucci and other luxury brands.

"Schulman has a strong track record of driving Coach's turnaround, and we believe the MK brand and CPRI are poised to benefit from his leadership," Cowen analyst Oliver Chen said in a note.

Idol has been the CEO of Capri since December 2003, and will become the executive chairman in September next year.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting