Capri Holdings names longtime Estee Lauder executive Justin Boxford new CEO

Nov 11 (Reuters) – Michael Kors parent Capri on Wednesday named Justin Boxford to replace company veteran John ​Idol as CEO, effective January ‌4. Boxford joins Capri after nearly 23 years at Estee Lauder, where he held various positions, including senior vice president for Estee Lauder ‌and ​Tom Ford Beauty brands ⁠outside of North ⁠America. Boxford most recently served as the global president of Estee Lauder’s luxury beauty brands. The leadership change comes as ​Capri works to revive demand at Michael Kors by revamping stores and ⁠investing in new ⁠products, as inflation-weary consumers grow ​more selective about discretionary spending. The Jimmy Choo ​owner lifted its annual revenue and ‌profit forecasts last month as it expects a return of sales growth, helped by new collections and increased marketing. Idol, ⁠who has led the company since December 2003, oversaw its acquisition of Jimmy Choo nearly ⁠a ‌decade ago and the purchase ⁠and eventual $1.4 billion sale of ​Versace ‌last year. He was also ​Capri’s CEO ⁠during its failed $8.5 billion merger attempt with Coach parent Tapestry in 2024. Shares of Capri fell marginally in premarket trading. (Reporting by Koyena Das in Bengaluru; Editing by ​Joyjeet Das)