Michael Kors CEO exits after six months at fashion giant
The chief executive of Michael Kors is set to step down after just six months in the role.
Joshua Schulman was anticipated to succeed John Idol as chief executive of the fashion brand’s parent company Capri Holdings next autumn.
A reason was not provided for the exit but Capri Holdings have said Idol will stay on as chairman and chief executive of the group.
Idol said: “Michael Kors has a talented management team in place that will continue to execute on its strategic initiatives.
“The strategies that we put in place prior to the pandemic have been generating strong consumer demand and driving higher profitability as we continue to elevate brand positioning.
“The board and I remain extremely optimistic about the future growth of Michael Kors and Capri Holdings. We are grateful to Josh for his contributions to our organisation.”
The news comes as Wall Street analysts have warned the fashion titan could be among those to take a hit to sales amid Russia’s war in Ukraine.
Western sanctions on Moscow, airspace bans and shipping route changes have intensified pressures on supply chains, it was reported by news agency Reuters.
Brands including Ralph Lauren, Capri Holdings and Nike were identified as being particularly vulnerable to the added pressures. These brands receive roughly 25-40 per cent of sales from Europe.