Schulman named CEO of Michael Kors, to become Capri Holdings chief in 2022
Capri Holdings had big news on Tuesday as it announced a new CEO — Joshua Schulman — for its Michael Kors brand, effective immediately. But more importantly, he'll take over as group CEO from John D Idol in September 2022.
Idol will, at that point, become executive chairman. He's currently chairman (but not executive chairman) of the group, as well as being its chief executive, so he’ll clearly stay closely involved even when he steps down from the CEO’s role.
For now, his future replacement will report into him in his post as Michael Kors CEO.
Schulman joins Capri from another American company with a similar multibrand premium-to-luxury profile, Tapestry Inc. There he was president and CEO of the Coach brand. Prior to his tenure at Coach, he was with Neiman Marcus Group as president of Bergdorf Goodman from 2012 to 2017, also assuming additional responsibility for NMG International with the acquisition of MyTheresa.com in 2014.
From 2007 to 2012, he was CEO of Jimmy Choo, a brand that Capri now owns. He’s also held senior positions in global fashion and luxury brands including Yves Saint Laurent and Gucci, so clearly is ideally suited to his new job.
John D Idol called him “an outstanding leader with broad retail experience, industry depth and a proven track record of successfully operating and growing luxury brands”.
And Schulman said that he’s “long admired Michael [Kors’] design vision and how the brand creates timeless fashion and embodies jet set glamour. I look forward to working closely with him and the talented Michael Kors management team to build upon the long-standing success of the brand”.
As for what happens in September 2022, as well as becoming CEO of the group he’ll be appointed to the board.
Idol said these changes are “part of a thoughtfully planned leadership succession. The board and I are confident in Josh’s unique abilities to lead Capri Holdings. His results-driven leadership style and passion for building consumer-centric global brands will be instrumental in maximizing the full potential of our three luxury fashion houses.”
He also said he’d work closely with Schulman to transition the role of CEO and continue to provide overall leadership to the board. He added: “I look forward to partnering with Josh on the overall strategic direction for the group as well as on potential strategic acquisitions.”
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