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Versace Owner Details Phased Reopening of Global Store Network

Global fashion luxury group Capri Holdings Ltd. is beginning a phased reopening of its Michael Kors, Versace and Jimmy Choo stores in the Americas and EMEA regions, as well as parts of Asia, that will see the majority stores back up and running by early July 2020.

The company started shuttering stores in Greater China in January 2020 because of the coronavirus outbreak, but now all 288 in the area have reopened. However, only 70 percent of the 210 stores in Japan, South Korea and other parts of Southeast Asia, have so far opened their doors.

“In Mainland China, where stores have been open the longest, volumes began to gradually build, with sales in April and May approximately flat to last year at Versace and Jimmy Choo, and approximately 80 percent of prior year levels at Michael Kors for the same period,” Capri said.

In the Americas, all stores for Capri’s three brands closed in mid-March. Less than 15 percent of its 455 doors in the region have reopened, and the company said it expects to have the majority open by early July.

In the EMEA (Europe, Middle East and Africa) region, stores also closed in mid-March. About 60 percent of the 318 doors in the region have reopened, and Capri is planning to have the bulk of those locations open by early July.

“Sales at reopened stores (in EMEA) are approximately 50 percent of prior year volumes since reopening as compared to the same period last year,” the company said.

Meanwhile, Capri’s e-commerce sites for the three brands are generating strong sales, with “Versace and Michael Kors almost double prior year levels in April and May,” the company noted.

“As we reopen our stores around the world, we are prioritizing the health and safety of our employees, customers and communities,” chairman and CEO, John D. Idol, said. “We are taking a prudent and measured approach to reopening our stores to ensure all necessary precautions are in place while maintaining the exceptional in-store experience our customers expect from our luxury houses,”

Once open, the stores will embrace new mandates including around increased cleaning and sanitizing procedures, appropriate face coverings for shoppers and staff, availability of hand sanitizers and social distancing. Capri is also encouraging the use of credit cards and contactless payment at the register.

Currently, slightly more than half of the company’s global retail fleet have reopened.

“We have a portfolio of three iconic, founder-led fashion luxury houses that continue to inspire passion and enthusiasm with their customers. As the world emerges from the global shutdown, we believe our consumers will once again express themselves through fashion and luxury,” Idol said. “We remain confident and optimistic about the long-term opportunities for each of our unique luxury houses.”

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