Former Michael Kors executive expands leadership role amid financial downturn
Capri Holdings Ltd has announced the appointment of Philippa Newman as Chief Brand and Product Officer, effective immediately. In her expanded role, she will oversee both product and marketing functions, reporting directly to John D. Idol, CEO and chairman of Capri Holdings and Michael Kors.
Newman, who has been with Michael Kors for 16 years, most recently served as Chief Product Officer, a position she assumed in November. Before that, she spent over eight years as President of Accessories and Footwear and previously held the role of Senior Vice President of Sales and Merchandising for Wholesale. Her promotion follows a leadership shake-up triggered by the departure of Cedric Wilmotte, the former CEO of Michael Kors, and Idol’s return to the brand’s top leadership position.
Newman’s focus in her new role will be to present a consistent brand experience that aligns with the company’s heritage. Idol praised her leadership and strategic approach, stating, “Ms. Newman is an exceptional leader with keen brand expertise and a strategic mindset. By bringing product and marketing under one cohesive leadership structure, we are creating greater synergy across our business, enabling a clear and consistent brand vision and strengthening our ability to connect with consumers globally.” Newman also shared her perspective, saying,
Michael Kors has incredible brand equity, and I am honoured to step into this role at such a pivotal time. I look forward to working alongside John, Michael and our talented teams to effectively execute our product and brand strategies and drive long-term growth.”
Her appointment comes at a time when Capri Holdings is facing declining revenues across its brand portfolio. For the third quarter ending December 28, the company reported a net loss of $547 million, or $4.61 per diluted share, compared to a profit of $105 million, or 88 cents per share, in the previous year. Adjusted net income fell from $142 million to $54 million over the same period. Quarterly revenue dropped by 11.6 percent to $1.26 billion, reflecting declines across its key brands. Sales for Michael Kors fell 12.1 percent to $909 million, Versace declined 15 percent to $193 million, and Jimmy Choo saw a 4.2 percent drop to $159 million.
As Capri Holdings continues efforts to stabilize operations, Newman’s appointment represents a move toward strengthening brand positioning and creating a more unified strategy.