Fashion
CEO of Michael Kors Owner Says Prices Will Go Up ‘Considerably’
- Capri head says ‘we just don’t want to do’ discounts anymore
- Company shares surge following increase in sales guidance
The owner of Michael Kors and Jimmy Choo says prices at both brands will increase during the coming months as the company eschews the major discounts that have dinged revenue in the past.
“We’re raising prices on Michael Kors,” said John D. Idol, chief executive officer of Capri Holdings Ltd., which also owns Versace. “We’re going to raise prices again for spring season next year -- prices are going to go up considerably. And also at Jimmy Choo.”