Capri names Estée Lauder veteran Justin Boxford as CEO in leadership change
Capri is reshaping its leadership as it tries to rebuild momentum at Michael Kors amid cautious discretionary spending. Justin Boxford is set to take over from longtime chief executive John Idol on January 4, marking a management shift as the luxury group pushes store revamps and new product investment.
Highlights
- Capri appoints Estée Lauder's Justin Boxford as CEO effective January 4, signaling a leadership shift focused on turnaround at Michael Kors.
- Capri recently raised its annual revenue and profit forecasts, expecting sales growth driven by new collections and increased marketing spend across its luxury brands.
- Outgoing CEO John Idol remains during Capri's unsuccessful $8.5 billion merger attempt with Tapestry in 2024, while shares dip slightly in premarket trading.
Leadership transition and turnaround plan
As reported by Reuters, Michael Kors parent Capri said on Wednesday that Boxford will replace company veteran Idol as chief executive, effective January 4. He joins the group after nearly 23 years at Estée Lauder, where he held several senior roles, including senior vice president for Estée Lauder and Tom Ford Beauty brands outside North America.Boxford most recently serves as global president of Estée Lauder's luxury beauty brands. His appointment comes as Capri works to revive demand at Michael Kors by updating stores and investing in new products while inflation-weary consumers become more selective about discretionary purchases.
Forecast outlook and market context
Capri lifted its annual revenue and profit forecasts last month as it expects sales growth to return, supported by new collections and higher marketing spending. The company is seeking to strengthen performance across its luxury portfolio, which also includes Jimmy Choo.Idol has led Capri since December 2003 and oversaw the acquisition of Jimmy Choo nearly a decade ago, as well as the purchase and eventual $1.4 billion sale of Versace last year. He also remains CEO during Capri's failed $8.5 billion merger attempt with Coach parent Tapestry in 2024, while the company's shares fall marginally in premarket trading.
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