The Q4, FY24 revenues of Capri Holdings declined by 8.4 per cent to $1.223 billion as the company reported a mid-single digits decline in sales during the quarter.

Owner of brands like Michael Kors, Versace and Jimmy Choo, the sales of Capri Holdings remained impacted by the global softening of demand for luxury fashion goods. The company also registered a decline in wholesale revenues as demand in the Americas and EMEA softened.

By brand, revenues of Versace declined by 3.6 per cent to $264 million, with the brand’s revenues in the Americas and EMEA regions declining by 1 per cent and 11 per cent respectively, while revenues in Asia rose by 6 per cent Revenues of the brand Jimmy Choo dropped by 9.3 per cent to $137 million across all market. The brand’s revenues in the Americas declined by 9 per cent, while those in EMEA decreased by 6 per cent and in Asia declined by 14 per cent.

Sales of the brand Michael Kors brand fell by 9.7 per cent to $822 million across markets during the quarter. The brand’s revenues in the Americas decreased by 9 per cent while those in EMEA declined by 7 per cent, and Asia revenues dwindled by 16 per cent.

The company’s net losses widened to $472 million during the quarter compared to net loss of $34 million in the prior year.

The 14 per cent growth in buyers for the brands Versace, Jimmy Choo and Michael Kors reflects the strong and enduring value of these three iconic brands. Looking forward, the company continues to execute strategic initiatives to deliver long-term sustainable growth across each of its luxury houses.