A changing of the guard might be coming to Michael Kors parent Capri Holdings.
Multiple sources were buzzing to WWD late Tuesday that Justin Boxford is preparing to step in as chief executive officer of the company, taking the reins from John Idol, who’s run the business since 2003, turning it from a designer brand into a corporate power.
A spokesperson for Capri could not immediately be reached for comment.
Boxford spent more than 20 years rising up the ranks at Estée Lauder Co. and in September was named global president of its luxury beauty brands.
But in a surprise move, he stepped down last week to pursue a new opportunity.
And the opportunity at Capri jibes with his experience.
When Boxford left Lauder, Jane Hertzmark Hudis, executive vice president and chief brand officer, lauded his global perspective.
“He has helped advance our digital and omnichannel capabilities, elevate luxury brand experiences, deepen consumer engagement and deliver local relevance around the world,” she said.
Boxford was given oversight of the Estée Lauder brand when it was at a low and managed to turn the business around, extending its franchises, improving innovation and launching gourmand fragrance.
Likewise, Capri has been struggling with Michael Kors for years, but has lately been making progress in its efforts to elevate the brand and drive more full-price sales.
Late last month, Capri, which also owns Jimmy Choo, reported that its fiscal second-quarter sales fell 5.5 percent, but that gross margins improved and earnings per share were twice as strong as analysts anticipated, giving the stock price a big boost.
At the time, Idol said: “Over the past several seasons, we have been focused on elevating brand desirability, strengthening our product assortments, creating deeper connections with consumers and we are seeing evidence that those efforts are gaining traction globally.
“In our own retail channel, sales declined low double digits as anticipated,” the CEO said. “We had approximately 40 percent less markdown inventory available for sale and reduced promotional activity by approximately 50 percent, both of which created a meaningful headwind to revenue during the quarter.”
That turn has been a long time coming for Michael Kors.
Idol built Capri around the brand, buying both Versace and Jimmy Choo, and making a go at being a luxury group.
But Coach parent Tapestry Inc. had its own empire-building in mind and offered to buy Capri. However, the deal ultimately fell apart under antitrust pressure.
In the aftermath, Capri sold Versace to Prada last year and used the proceeds to clean up its balance sheet and double down on Michael Kors and Jimmy Choo.
This fall, would-be acquirers have started to circle with some going as far as getting a look at Capri’s book, as WWD reported in September. While sources maintain those talks have only continued and extended, Boxford’s arrival would be a new twist that could define the next chapter for two of fashion’s most prominent brands.
