Sales Rebound at Versace and Jimmy Choo as Luxury Comeback Continues

Wealthy shoppers are filling their closets with designer footwear as they return to events, work and travel, fueling the luxury sector’s ongoing recovery. On Friday, Capri Holdings Ltd. reported quarterly earnings that surpassed expectations as sales at Versace, Jimmy Choo, and Michael Kors rebounded strongly over the previous year — and in the case of Versace, exceeded even pre-pandemic levels. The fashion group brought in revenue of $1.25 billion in the quarter ended June 26, an increase of 178% over the year prior, with net income of $219 million. For Versace, the company touted its new retail destinations — a Paris flagship that opened in December and a store on Manhattan’s Greene Street that opened earlier this week. The brand brought in $240 million in revenue during the quarter, up 158% year-over-year. Capri CEO and chairman John D. Idol credited the results to strong consumer interest in several of the collections the brand has introduced since 2019, including La Greca, Virtus and La Medusa. “The momentum that we’re seeing in accessories is coming much quicker than we had anticipated,” Idol said on a call with investors and analysts. “The pillars that we’ve put in place today are really resonating with the customer —

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