By Koyena Das
Nov 11 (Reuters) - Capri on Wednesday named Estee Lauder veteran Justin Boxford as its new CEO, replacing longtime chief John Idol as the fashion group tries to draw shoppers back to its pricey
handbags and accessories.
Boxford, who has spent more than two decades at Estee Lauder, will take over on January 4, 2027. He most recently served as global president of the cosmetics company's luxury beauty brands.
Demand has been uneven for Capri as consumers grappling with high cost of living in the US become more selective in purchasing affordable luxury products such as its Michael Kors handbags, while geopolitical uncertainty pulls down spending in key international markets.
Since Capri listed in December 2011, its shares have delivered a negative total shareholder return of 34%
Morningstar senior equity analyst David Swartz welcomed the leadership change, saying Capri was in better shape than two years ago, with much of the difficult restructuring work completed or underway.
"Capri has had some difficult years, and I think it's a positive move to bring in a new CEO," Swartz said.
"Boxford's experience working in Asia could offer Capri useful insights as the company seeks to boost its sales in the region," eMarketer analyst Rachel Wolff said.
Asia contributed nearly 13% to the company's revenue in fiscal 2026.
Last month, the company lifted its annual revenue and profit forecasts on expectations that new collections and increased marketing will bring back sales growth.
Idol has led Capri since December 2003 — through its acquisition of Jimmy Choo nearly a decade ago and the purchase and eventual $1.4 billion sale of Versace last year. He also oversaw a failed $8.5 billion merger attempt with Coach parent Tapestry in 2024.
In 2021, Capri had said insider Joshua Schulman would succeed Idol in September 2022, but he left the company in March 2022.
Shares of Capri fell 3% in early trading.
(Reporting by Koyena Das and Sanskriti Shekhar in Bengaluru, additional reporting by Neil J Kanatt; Editing by Joyjeet Das)
