Capri Holdings shuts Versace, Choo, Kors stores, but staff will be paid

By

Sandra Halliday

Published
Mar 18, 2020

Capri Holdings has become one of many firms to update the markets in the light of the coronavirus pandemic. It said late on Tuesday that it’s temporarily closing all directly-operated Versace, Jimmy Choo and Michael Kors stores in North America from March 18 and in Europe from March 19.

The stores will remain closed until April 10, but the company said it's committed to paying its store employees during this period, something that will be of some comfort in a retail sector that is currently seeing a devastating impact on jobs and staff incomes.

And it added that across all regions, customers can continue to shop on each of the luxury houses’ websites, Versace.com, JimmyChoo.com and MichaelKors.com.

The company also said that its Q4 and fiscal 2020 guidance that had been issued on February 5 no longer applies as it didn't include a negative impact from COVID-19 beyond China. However, with the situation still uncertain and no clarity about when the global lockdown might end, the company won't issue any further guidance until its year end conference call, which is a couple of months away.

CEO and chairman John Idol said: “We are facing an unprecedented global pandemic. Our first priority is to help protect our employees, consumers, partners and communities and to ensure we are doing our part to prevent the spread of COVID-19. I am proud of our team and our partners as they support each other and their communities during this time of uncertainty.”