NEW YORK, Nov. 12, 2026 — Capri Holdings Ltd. (NYSE: CPRI) on Wednesday appointed Justin Boxford, a longtime Estee Lauder executive, as its next Chief Executive Officer, replacing John Idol after nearly 23 years in the role. Boxford will take over on Jan. 4, 2027, as the fashion group seeks to restore sales at Michael Kors and Jimmy Choo.

Boxford spent more than two decades at Estee Lauder Cos. (NYSE: EL), most recently serving as global president of the cosmetics group's luxury beauty brands. He joined the company in 2004 and previously served as global brand president of Estée Lauder and AERIN BEAUTY. He also led La Mer for five years, during which the skincare brand more than doubled in size.

His career includes senior roles overseeing Estée Lauder’s business in China and Asia-Pacific, as well as the regional growth of TOM FORD BEAUTY. Before joining the cosmetics group, Boxford held positions at LVMH, Unilever and L'Oréal. His previous responsibilities also included global travel retail and marketing leadership roles involving Michael Kors fragrances.

The appointment will coincide with changes to Capri’s board. Boxford will join the board when he assumes the CEO position. Robin Freestone, the company’s current lead director, will become independent chairman. Idol will retire as chairman and CEO but remain with Capri as a senior adviser through March 31, 2027.

The leadership change comes as Capri faces uneven demand for luxury goods. High living costs in the United States have made consumers more selective about discretionary purchases, including handbags. Michael Kors handbags range from $89 to $279, while Jimmy Choo handbags sell for between $750 and $6,500.

Morningstar Senior Equity Analyst David Swartz welcomed the appointment. He said Capri was in better shape than it had been two years earlier, with much of its 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.

Business Performance and Leadership

Reuters reported that geopolitical uncertainty had weighed on consumer spending in several of Capri’s overseas markets. The company has also recorded a negative total shareholder return of 34% since going public.

Asia accounted for nearly 13% of Capri’s revenue in fiscal 2026, compared with approximately 58% from the Americas. Boxford's experience in Asia could be relevant as Capri seeks to generate more sales in the region. eMarketer analyst Rachel Wolff highlighted his background in the region.

“Boxford’s experience working in Asia could offer Capri useful insights as the company seeks to boost its sales in the region,” Wolff said.

Photo credit: Justin Boxford

Capri’s second-quarter fiscal 2027 revenue fell 5.5% year over year to $809 million. Michael Kors revenue declined 8.6% to $663 million, while Jimmy Choo revenue rose 11.5% to $146 million. The results reflected contrasting performances across the group's two brands.

In October, Capri raised its fiscal 2027 revenue forecast to approximately $3.42 billion and its adjusted earnings-per-share forecast to $2.20. The revised outlook reflected expectations of improved sales from new collections and higher marketing spending. Idol also expected the company to return to revenue growth in the second half of the fiscal year.

Idol has led Capri since December 2003, overseeing major changes to its brand portfolio. During his tenure, the company acquired Jimmy Choo in 2017 and Versace in 2018 before selling the Italian fashion house to Prada in December 2025 for approximately $1.4 billion.

He also oversaw Capri’s unsuccessful $8.5 billion merger agreement with Tapestry Inc. (NYSE: TPR), the parent company of Coach. The deal was terminated in November 2024.

Capri had announced another succession plan in August 2021, naming company insider Joshua Schulman as Idol's intended successor. Schulman was scheduled to take over in September 2022 but left the company in March 2022, months before the planned transition.