Capri Holdings Limited, a fashion company, said today that Michael Kors is revamping its leadership team. Capri Holdings’ Chairman and CEO, John D., will become Chief Executive Officer. Philippa Newman will be promoted to Chief Product Officer, replacing her prior position as President of Accessories and Footwear. In her new role, she will report to Mr. Idol and oversee merchandising, production, licensing, and design across all product categories in partnership with Chief Creative Officer Michael Kors.
“I am excited to continue to partner with Michael, John and the leadership team to achieve our strategic objectives and reinvigorate the Michael Kors brand,” said Philippa Newman. “Michael Kors has strong brand equity and tremendous potential. I am confident that by consolidating design, merchandising, production, and licensing under a unified team we can more effectively execute our strategies, including delivering more targeted product to different consumer cohorts, in order to return Michael Kors to growth.”
Additionally, as part of its reorganization plans and expense reduction initiatives, the company announced that Cedric Wilmotte will leave the organization. John D. Idol, Chairman and Chief Executive Officer of Capri Holdings, said, “I would like to thank Cedric for his significant contributions over the last 16 years. We wish him all the best in his future endeavors.”
Mr. Idol continued, “As I stated on our recent investor call, we are moving quickly to implement strategic initiatives to stabilize revenues and return to growth. This reorganization reinforces Michael Kors’ plans to engage and energize both new and loyal consumers, create exciting fashion and core products with compelling value, improve store productivity and return our wholesale business to growth. Philippa is a dynamic leader with an exceptional breadth of experience developing compelling product for our consumers. I am confident that in her new role as Chief Product Officer for Michael Kors she will successfully lead the execution of our product transformation strategy and drive growth for Michael Kors across all channels.”
Source: Businesswire
