After more than two decades of growing Michael Kors parent Capri Holdings into a corporate fashion force, John Idol is retiring and handing the reins to Estée Lauder veteran Justin Boxford.
Boxford will become chief executive officer of Capri on Jan. 4. WWD was the first to report on Tuesday night that Boxford was seen on his way to the corner office.
Additionally, Robin Freestone will become independent chairman.
Idol, who is currently both chairman and CEO, will stay on as a senior adviser through the end of March.
“This announcement is the culmination of a thorough board-led process to identify Capri’s next chief executive officer, and we are confident that Justin is the right leader to guide Capri in its next chapter of growth,” Freestone said. “He brings an exceptional track record of revitalizing and growing global luxury and beauty brands, deep international experience and a people-centered leadership approach. We look forward to Justin leveraging his expertise and perspectives to build on the strengths of Michael Kors and Jimmy Choo and pursue the opportunities ahead.”
Boxford described both of the company’s brands — Michael Kors and Jimmy Choo — as “iconic luxury houses, with distinct identities and tremendous potential.”
“I look forward to working with Capri’s teams around the world to build on the brands’ strong foundations, deepen connections with consumers and drive sustainable growth and value for our shareholders,” he said.
Boxford is stepping in at a key moment for the business, which has been showing signs of turnaround lately but has also been talking to would-be acquirers about a potential sale, according to sources.
Now the business will get a fresh look.
Despite recent weakness, the story of Micahel Kors and Capri in this century has been about rapid growth and expansion under Idol.
“It has been an extraordinary privilege to lead Capri for the past 23 years,” Idol said. “I am immensely proud of what we have accomplished together and deeply grateful to our board of directors as well as to our talented teams around the world, whose passion and dedication have driven our success. With the progress we have made in advancing our strategic initiatives and with the company on the path to return to growth in the fourth quarter, this is the perfect time for Capri to transition to its next chief executive officer. I have had the opportunity to work with Justin in the past while he helped build the Michael Kors fragrance business at The Estée Lauder Companies and have watched his successes over the years. I am confident he is the ideal person to lead Capri into the future.”
Shares of Capri in early morning pre-market trading were up slightly by 1.6 percent to $21.73.
