Capri names insider Cedric Wilmotte as CEO of Michael Kors

(Reuters) – U.S. luxury group Capri Holdings Ltd on Monday named company veteran Cedric Wilmotte as the chief executive officer of its Michael Kors brand.

Wilmotte, 48, who will take charge from April 3, recently served as the interim CEO of the group’s Versace brand and is currently the label’s chief operating officer. He previously led Michael Kors’ EMEA (Europe, Middle East, Africa) business from 2008 to 2021.

In March, Capri said the head of its Michael Kors brand, Joshua Schulman, who was set to become the group’s top boss later in the year, would exit.

Schulman was named Michael Kors’ chief executive in August 2021.

Capri, which also owns the Jimmy Choo brand, in November lowered its holiday period sales and profit forecasts, citing slow recovery in China and said demand for its Michael Kors products was also slowing at U.S. wholesale retailers.

(Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila)