−Removed: Capri Holdings Limited (“Capri”) is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship, led by a world-class management team and renowned designers.
−Removed: Our brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and ready-to-wear as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products.
−Removed: Our goal is to continue to extend the global reach of our brands while ensuring that they maintain their independence and exclusive DNA.
+Added: Capri Holdings Limited (“Capri”) is a global fashion luxury group consisting of iconic, founder-led brands Versace, Jimmy Choo and Michael Kors.
+Added: Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands.
+Added: We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories.
+Added: Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve.
Our Versace brand has long been recognized as one of the world’s leading international fashion design houses and is synonymous with Italian glamour and style.
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Versace distributes its products through a worldwide distribution network, which includes boutiques in some of the world’s most glamorous cities, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide.
−Removed: Our Jimmy Choo brand offers a distinctive, glamorous and fashion-forward product range, enabling it to develop into a leading global luxury accessories brand, whose core product offering is women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as men’s luxury shoes and accessory business.
+Added: Our Jimmy Choo brand offers a distinctive, glamorous and fashion-forward product range, enabling it to develop into a leading global luxury accessories brand, whose core product offering is women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as men’s luxury shoes and accessories business.
In addition, certain categories, such as fragrance and eyewear, are produced under licensing agreements.
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The Michael Kors Collection establishes the aesthetic authority of the entire brand and is carried by select retail stores, our e-commerce sites, as well as in the finest luxury department stores in the world.
−Removed: MICHAEL Michael Kors has a strong focus on accessories, in addition to offering footwear and ready-to-wear, and addresses the significant demand opportunity in accessible luxury goods.
−Removed: We have also been developing our
−Removed: men’s business in recognition of the significant opportunity afforded by the Michael Kors brand’s established fashion authority and the expanding men’s market.
+Added: MICHAEL Michael Kors has a strong focus on accessories, in addition to offering footwear and
+Added: ready-to-wear, and addresses the significant demand opportunity in accessible luxury goods.
+Added: We have also been developing our men’s business in recognition of the significant opportunity afforded by the Michael Kors brand’s established fashion authority and the expanding men’s market.
Taken together, our Michael Kors collections target a broad customer base while retaining our premium luxury image.
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Such costs primarily include certain administrative, corporate occupancy, shared service and information systems expenses, including Enterprise Resource Planning (“ERP”) system implementation costs and Capri transformation program costs.
−Removed: In addition, certain other costs are not allocated to segments, including restructuring and other charges, impairment costs, COVID-19 related charges, charitable donations and the war in Ukraine.
+Added: In addition, certain other costs are not allocated to segments, including restructuring and other charges and COVID-19 related charges.
The segment structure is consistent with how our chief operating decision maker plans and allocates resources, manages the business and assesses performance.
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Then, in 2020, due to the impact of the COVID-19 crisis, the personal luxury goods market declined 22%.
−Removed: According to Bain* , the personal luxury goods market returned to 2019 levels in 2021, and the market is predicted to increase at a 10% compound annual growth rate between 2020 and 2025.
+Added: According to Bain* , the personal luxury goods market returned to 2019 levels in 2021, and grew 15% in constant exchange rates in 2022.
+Added: The market is predicted to increase at a 5-7% compound annual growth rate between 2022 and 2030.
Future growth will be driven by e-commerce, Chinese consumers and younger generations.
−Removed: By 2025, Bain studies estimate that approximately 30% of personal luxury goods sales will occur online, Chinese consumers will represent nearly half of total global personal luxury goods sales and Gen Z and Gen Y combined will make up at least two-thirds of the market.
−Removed: As the personal luxury goods market continues to evolve, Capri is committed to creating engaging luxury experiences globally.
+Added: By 2030, Bain studies estimate that over 30% of personal luxury goods sales will occur online, Chinese consumers will represent approximately 40% of total global personal luxury goods sales and Gen Z and Alpha combined will make up at least one-third of the market.
+Added: As the personal luxury goods market continues to evolve, Capri is committed to designing exceptional, innovative products that cover the full spectrum of fashion luxury categories.
In our view, increased customer engagement and tailoring merchandise to customer shopping and communication preferences are key to growing market share.
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* Bain – Altagamma Luxury Goods Worldwide Market Study, Fall 2022 (November 15, 2022).
−Removed: These studies were prepared by Bain & Company and Altagamma and can be obtained free of charge or at a nominal cost by contacting Bain & Company’s media contacts at aliza.medina@bain.com or dan.pinkney@bain.com.
+Added: These studies were prepared by Bain & Company and Altagamma and can be obtained free of charge or at a nominal cost by contacting Bain & Company’s media contacts.
While we believe that each of these studies and publications is reliable, we have not independently verified market and industry data from third-party sources.
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We also have wholesale arrangements pursuant to which we sell products to geographic licensees.
−Removed: In addition, we have licensing agreements through which we license to third parties the use of our Versace, Jimmy Choo and Michael Kors brand names and trademarks, certain production rights and sales and/or distribution rights with respect to our brands.
+Added: In addition, we have licensing
+Added: agreements through which we license to third-parties the use of our Versace, Jimmy Choo and Michael Kors brand names and trademarks, certain production rights and sales and/or distribution rights with respect to our brands.
The following table details our revenue by segment and geographic location (in millions):
Fiscal Years Ended
−Removed: 2022 March 27,
+Added: 2023 April 2,
2022 March 27,
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Our founder-led design teams are supported by our senior management team with extensive experience across a broad range of disciplines in the retail industry, including design, sales, marketing, public relations, merchandising, real estate, supply chain and finance.
−Removed: With an average of 25 years of experience in the retail industry, including at a number of public companies, and an average of 19 years experience with our brands, our senior management team has strong creative and operational experience and a successful track record.
+Added: With an average of 26 years of experience in the retail industry, including at a number of public companies, and an average of 19 years of experience with our brands, our senior management team has strong creative and operational experience and a successful track record.
For over 20 years, Donatella Versace has been the Artistic Director, molding Versace’s iconic style.
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The Michael Kors brand was launched over 40 years ago by Michael Kors, a world-renowned designer, who is responsible for conceptualizing and directing the design of our Michael Kors brand products.
−Removed: We believe that the Michael Kors brand name has become synonymous with luxurious fashion that is timeless and elegant, expressed through the brand’s sophisticated accessories and ready-to-wear collections.
+Added: We believe that the Michael Kors
+Added: brand name has become synonymous with luxurious fashion that is timeless and elegant, expressed through the brand’s sophisticated accessories and ready-to-wear collections.
Each of our Michael Kors brand collections exemplifies the jet-set lifestyle and features high quality designs, materials and craftsmanship.
−Removed: Michael Kors has received a number of awards, which
−Removed: recognize the contribution he and his team have made to the fashion industry and our Company.
+Added: Michael Kors has received a number of awards, which recognize the contribution he and his team have made to the fashion industry and our Company.
Some of the most widely recognized global trendsetters and celebrities wear our Michael Kors brand collections.
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We operated 223 Versace retail stores as of April 1, 2023 in some of the most fashionable cities and the most sought-after shopping destinations around the world.
−Removed: During Fiscal 2022, we completed renovations at approximately 50% of our Versace retail stores to incorporate our new store design and will continue with these renovations in Fiscal 2023.
−Removed: Versace’s products are distributed worldwide through a global network of highly specialized stores, which average approximately 1,800 square feet.
−Removed: In addition, we operate Versace e-commerce sites in the United States, certain parts of Europe and China (covering 85 countries worldwide).
+Added: During Fiscal 2022, we completed renovations at approximately 50% of our Versace retail stores to incorporate our new store design and have continued with these renovations in Fiscal 2023.
+Added: Versace’s products are distributed worldwide through a global network of highly specialized stores, which average approximately 2,900 gross square feet.
+Added: In addition, we operate Versace e-commerce sites in the United States, Europe and China (covering 90 countries worldwide).
We operated 237 Jimmy Choo retail stores as of April 1, 2023, in some of the most premier locations worldwide.
−Removed: Jimmy Choo retail stores, comprised of full-price stores and outlets, average approximately 1,400 square feet.
−Removed: In addition, we operate Jimmy Choo e-commerce sites in the United States, certain parts of Europe, Japan and China.
+Added: Jimmy Choo retail stores, comprised of full-price stores and outlets, average approximately 1,400 gross square feet.
+Added: In addition, we operate Jimmy Choo e-commerce sites in the United States, certain parts of Europe, Japan, China, Australia and Korea.
We operated 812 Michael Kors stores as of April 1, 2023 with four primary retail store formats:
collection stores, lifestyle stores, outlet stores and e-commerce sites.
−Removed: Michael Kors collection stores are located in some of the world’s most prestigious shopping areas and average approximately 2,900 square feet in size.
−Removed: The Michael Kors lifestyle stores are located in some of the world’s most frequented metropolitan shopping locations and leading regional shopping centers, and average approximately 2,700 square feet in size.
−Removed: We also extend our reach to additional consumer groups through our outlet stores, which average approximately 4,400 square feet in size.
−Removed: In addition, we also operate Michael Kors e-commerce sites in North America, China, Japan, South Korea, certain parts of Europe, the Middle East, Africa and Oceania.
+Added: Michael Kors collection stores are located in some of the world’s most prestigious shopping areas and average approximately 2,900 gross square feet in size.
+Added: The Michael Kors lifestyle stores are located in some of the world’s most frequented metropolitan shopping locations and leading regional shopping centers, and average approximately 2,800 gross square feet in size.
+Added: We also extend our reach to additional consumer groups through our outlet stores, which average approximately 4,500 gross square feet in size.
+Added: In addition, we also operate Michael Kors e-commerce sites in North America, China, Japan, South Korea, certain parts of Europe, the Middle East, Africa, Asia Pacific and Oceania.
World-class Omni and CRM Capabilities.
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We will continue to leverage our group expertise in accessories and footwear to fuel growth across our portfolio of brands, implementing the best practices from our Michael Kors core accessories business to our Versace and Jimmy Choo brands.
−Removed: We will also continue to prioritize the development of our e-commerce
−Removed: platforms and omni-channel capabilities for our brands, leveraging our broad expertise and capabilities in this area.
+Added: We will also continue to prioritize the development of our e-commerce platforms and omni-channel capabilities for our brands, leveraging our broad expertise and capabilities in this area.
We see a number of opportunities to create long-term operational synergies as we combine our global competencies and footprint.
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We plan to continue to diversify our group’s global footprint with an emphasis on the Asia market, where we believe each of our three brands continue to have the potential to significantly grow market share in the region.
−Removed: Integrate Versace and continue to build on the brand ’ s luxury image.
+Added: Continue to execute our strategies to grow Versace.
We plan to grow the Versace business to at least $2 billion in revenues over time.
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Finally, we plan to leverage our group’s expertise to expand Versace’s women’s and men’s accessories to 50% of the brand’s revenues over time, while maintaining Versace’s authoritative presence in women’s and men’s ready-to-wear.
−Removed: Continue to execute on our strategies to grow the Jimmy Choo brand.
+Added: Continue to execute on our strategies to grow Jimmy Choo.
We plan to continue to implement our growth strategies for Jimmy Choo with a goal of reaching $1 billion in revenues over time.
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At the same time, we plan to continue to grow footwear sales by capitalizing on the success of glamour while expanding our fashion active and casual offerings.
−Removed: Continue to leverage the strength of our Michael Kors brand, which remains the foundation for our fashion luxury group.
+Added: Continue to leverage the strength of Michael Kors, which remains the foundation for our fashion luxury group.
Our goal is to continue to elevate Michael Kors to become a stronger and more profitable brand.
We are capitalizing on high brand awareness and consumer engagement by embracing Michael Kors jet set heritage through a modern lens.
−Removed: Expanding our highly recognizable Signature pattern across all product categories remains a core growth strategy and our goal is to increase penetration to approximately 50% of our overall product assortments.
−Removed: In accessories, we continue to refresh and celebrate brand icons while evolving Signature styles with newness.
−Removed: Additionally, we plan to grow our men’s business by leading with accessories and maximizing our Signature brand codes.
+Added: Reinforcing our highly recognizable brand codes including the MK Signature pattern and MK hardware across all product categories remains a core growth strategy.
+Added: In accessories, we continue to refresh and celebrate brand icons while evolving styles with newness.
+Added: Additionally, we plan to grow our men’s business by leading with accessories and maximizing our brand codes.
Our strategy to enhance customer experience by expanding our omni-channel capabilities also remains a key priority.
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Execute on our corporate social responsibility strategy.
−Removed: We believe that the success of our company is directly linked to the sustainability of the world around us.
−Removed: In April 2020, we shared Capri's group-wide, global corporate social responsibility (CSR) strategy, set around the environmental and social sustainability opportunities and challenges most important to our company and its stakeholders.
−Removed: Within each of our strategy’s three foundational pillars – Our World, Our Community, Our Philanthropy – are key CSR focus areas that guide our work in support of the United Nations Sustainable Development Goals (SDGs).
−Removed: Over the past year, we continued to improve the way we work in order to better the world in which we live.
+Added: We strive to foster a future where both people and the planet are cared for, and we believe that ethical business practices and giving back are critical to our success.
+Added: Our corporate social responsibility (CSR) strategy focuses on four foundational pillars – Our Governance, Our World, Our Community and Our Philanthropy.
+Added: We continue to take steps to advance our CSR strategy and to support the United Nations Sustainable Development Goals.
Our key sustainability goals, our plans for getting there, and an update on the progress we have made can be found in our annual CSR report located at www.capriholdings.com/responsibility.
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Fiscal Years Ended
−Removed: Total March 27,
+Added: Total April 2,
Total March 27,
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From haute-couture to ready-to-wear, footwear, accessories and home decor, Versace delivers a unique lifestyle that welcomes customers in its elegant yet glamorous universe.
−Removed: Generally, Versace’s haute couture retails up to $250,000, ready-to-wear retails from $220 to $17,000, accessories retail from $55 to $3,900 and footwear retails from $300 to $4,100.
+Added: Generally, Versace’s haute couture retails up to $250,000, ready-to-wear retails from $400 to $23,000, accessories retail from $100 to $6,100 and footwear retail from $400 to $3,300.
Certain product categories, such as Versace Jeans Couture, eyewear, fragrances, jewelry, watches and home furnishings, are produced under product licensing agreements.
Swinger SA is the exclusive licensee for Versace Jeans Couture, Luxottica is the exclusive licensee for Versace eyewear, EuroItalia is the exclusive licensee for Versace fragrances, Vertime is the exclusive licensee for Versace watches and Poltrona Frau is the exclusive licensee for Versace home furnishings.
−Removed: Generally, Versace Jeans Couture retail from $45 to $2,000, Versace eyewear retails from $240 to $500, Versace fragrances retail from $50 to $400, Versace watches retail from $480 to $3,500 and Versace home furnishings, which include a variety of products, generally retails from $990 to $100,000.
+Added: Generally, Versace Jeans Couture retail from $45 to $1,500, Versace eyewear retails from $110 to $500, Versace fragrances retail from $38 to $400, Versace watches retail from $420 to $4,000 and Versace home furnishings, which include a variety of products, generally retail from $850 to $100,000.
Jimmy Choo is a leading global luxury accessories brand and offers a distinctive, glamorous and fashion-forward product range, whose core product offerings are women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as a men’s luxury shoes and accessories business.
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Certain product categories, such as Jimmy Choo fragrance and eyewear, are produced under product licensing agreements.
−Removed: Interparfums SA is the exclusive licensee for Jimmy Choo fragrances and Safilo SpA is the exclusive licensee for Jimmy Choo eyewear.
−Removed: Generally, Jimmy Choo eyewear retails from $200 to $550 and Jimmy Choo fragrances retail from $80 to $220.
+Added: Interparfums SA is the exclusive licensee for Jimmy Choo fragrances and makeup and Safilo SpA is the exclusive licensee for Jimmy Choo eyewear.
+Added: Generally, Jimmy Choo eyewear retail from $250 to $500 and Jimmy Choo fragrances and beauty retail from $50 to $220.
Michael Kors has three primary collections that offer accessories, footwear and apparel:
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Luxottica is our exclusive licensee for Michael Kors distinctive eyewear inspired by our collections.
−Removed: Estee Lauder has historically been Michael Kors exclusive women’s and men’s fragrance licensee.
−Removed: The Company is transitioning its fragrance business to EuroItalia during Fiscal 2023.
+Added: The Company transitioned its fragrance business to EuroItalia during Fiscal 2023.
Generally, Michael Kors fashion watches retail from $200 to $600, Michael Kors ACCESS smartwatches retail from $250 to $450, Michael Kors jewelry retails from $50 to $500, Michael Kors eyewear retails from $100 to $350 and Michael Kors fragrance and related products generally retail from $30 to $150.
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Jimmy Choo products are manufactured by independent third-party manufacturing contractors and our Italian atelier and shoe manufacturer.
−Removed: Most of Jimmy Choo’s products are produced by specialists in Italy, supported by other factories across Europe, with a small portion produced in Asia.
+Added: Most of Jimmy Choo’s products are produced by specialists in Italy, supported by other factories across
+Added: Europe, with a small portion produced in Asia.
Jimmy Choo has a product development facility in Florence.
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This multi-supplier strategy provides specialized skills, scalability, flexibility and speed to market, as well as diversifies risk.
−Removed: In Fiscal 2022 and Fiscal 2021, one third-party buying agent sourced approximately 24% of Michael Kors finished goods purchases, based on unit volume.
+Added: In Fiscal 2023 and Fiscal 2022, one third-party buying agent sourced approximately 15% and 14%, respectively, of Michael Kors finished goods purchases, based on dollar volume.
Michael Kors’ largest manufacturing contractor, who produces its products in Asia and who Michael Kors has worked with for approximately 20 years, accounted for the production of approximately 15% of its finished products, based on dollar volume in Fiscal 2023.
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Information Systems
−Removed: Each of our three brands currently operates using their legacy systems for finance and accounting, supply chain, inventory control, point-of-sale transactions, store replenishment and other functions.
+Added: Each of our three brands currently operate using certain legacy systems for finance and accounting, supply chain, inventory control, point-of-sale transactions, store replenishment and other functions.
Our long-term strategy includes consolidating certain systems across our brands over time to create operational efficiencies.
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The implementation of the ERP requires a significant investment in human and financial resources.
−Removed: As a result of COVID-19 and our need to significantly reduce our capital expenditures in order to protect our liquidity and cash flows, we temporarily suspended our ERP project.
−Removed: Certain phases of the project have resumed as of the fourth quarter of Fiscal 2021 and a portion of the system will go live in Fiscal 2023.
+Added: As a result of COVID-19 and our need to significantly reduce our capital expenditures, we temporarily suspended our ERP project.
+Added: Certain phases of the project have resumed as of the fourth quarter of Fiscal 2021 and portions of our global ERP system are live in Fiscal 2023.
“Risk Factors” — “A material delay or disruption in our information technology systems or e-commerce websites or our failure or inability to upgrade our information technology systems precisely and efficiently could have a material adverse effect on our business, results of operations and financial condition.”
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At Capri Holdings, we strive to create workplaces where our employees and the workers across our supply chain thrive.
−Removed: Through our benefits packages, learning and development programs, focus on diversity and inclusion, wellness programs and supply chain empowerment initiatives, we continue to make significant investments in our Capri community.
+Added: Through our benefits and compensation packages, learning and development programs, focus on diversity and inclusion, employee engagement, wellness and safety programs and supply chain empowerment initiatives, we continue to make significant investments in our Capri community.
Governance and Oversight.
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Benefits include, among others, medical, dental and vision plans, life insurance, short and long-term disability coverage, retirement plans (with matching contributions where applicable), paid parental leave for all parents, gender reassignment coverage and fertility support benefits in the United States, and a wellness program focused on mental wellbeing, including several digital therapeutic programs to assist with therapy, anxiety and worry and sleep.
−Removed: We also offer employees paid time off, including to volunteer with select charitable organizations, to get the COVID-19 vaccine and to quarantine in accordance with government or health organization recommended quarantine guidelines (in addition to any COVID-19 mandated paid sick leave at the federal, state, or local level).
+Added: We also offer employees paid time off, including to volunteer with select charitable organization.
Employees are also entitled to discounts on our merchandise.
Learning and Development.
−Removed: We honor our employees through our dedication to development.
−Removed: In 2022, we launched a new leadership development program for our mid-level management centered around the facets of Emotional Intelligence, to help our employees succeed in our changed and everchanging global environment.
−Removed: Additionally, we have implemented a new Learning Management System (LMS), which has allowed us to extend access to development resources to an even broader employee population.
−Removed: Dating back to the program’s inception in 2015, a majority of our senior leaders have participated in an executive leadership development program offered in partnership with the Center for Creative Leadership, and more than 800 of our people managers have participated in leadership development programs.
−Removed: These programs are aimed at equipping our leaders with strategies to effectively navigate and drive change, and to build and strengthen cross-functional relationships.
−Removed: All full-time employees also participate in a formal performance review process annually, and receive annual trainings on important topics including compliance, ethics and integrity, respect in the workplace and information security as a part of our efforts to maintain a safe, positive and inclusive work environment.
−Removed: To build on the diversity and inclusion trainings that we implemented in Fiscal 2021 to address unconscious bias, microaggressions and workplace diversity, sensitivity, and inclusion, in Fiscal 2022 we added Diversity & Inclusion training workshops for our senior leaders to attend live with peers across all functions of the organization.
+Added: We honor our employees through our dedication to development and believe that enabling opportunity means ensuring our teams have the skills they need to build fulfilling careers with us.
+Added: We promote employee performance with personalized development plans and by providing individualized feedback at regular intervals throughout the
+Added: year, and all employees participant in a formal performance review process annually.
+Added: We continue to refresh our learning and development programming by offering targeted skill-building for employees at all stages of their career.
+Added: During Fiscal 2023, we launched our first learning management system, Capri FLEX, and we continue to offer quality training touchpoints to employees throughout our global organization, including programs around compliance, ethics and integrity, promoting respect in the workplace, global cybersecurity practices, and supply chain transparency as well as a mandatory three-party diversity and inclusion (“D&I”) curriculum.
+Added: We also deployed a new leadership development program focused on building and understanding emotional intelligence in our leaders.
Diversity and Inclusion.
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Our responsibility to promote equality is not just to those who work with us, but to our industry, the customers we serve and the communities around us.
−Removed: In Fiscal 2022, we continued our commitment to fostering a diverse and inclusive workplace.
−Removed: We launched our Ambassador Program with 43 active members.
−Removed: Our Diversity and Inclusion (“D&I”) ambassadors act as additional D&I champions that will help communicate, promote, and cascade D&I goals and initiatives to our Capri Community.
−Removed: In addition, we submitted data to the Human Rights Campaign’s Corporate Equality Index, a United States benchmarking tool measuring policies, practices and benefits pertinent to LGBTQ+ employees, and scored an 90 out of 100 earning a Best Place to Work for LGBTQ+ Equality designation.
−Removed: We also signed the Black In Fashion Council’s pledge to raise the percentage of Black employees in executive- and junior-level positions within our organization.
−Removed: Capri is also proud to partner with a wide array of organizations and pledges in furtherance of driving equality, including:
−Removed: The CEO Action for Diversity & Inclusion, Cristo Rey, Open To All, and Pride in Fashion.
−Removed: Finally, Capri launched its first employee resource group focused on the LGBTQ+ community within Capri, Pride@Capri.
−Removed: Through The Capri Holdings Foundation for the Advancement in Diversity in Fashion, we are driving diversity, inclusion and equality throughout the fashion industry by working collaboratively with colleges and high schools to create meaningful opportunities in fashion for underrepresented communities.
−Removed: In Fiscal 2022, the Foundation announced an expansive new scholarship program in partnership with the Fashion Institute of Technology (FIT), Howard University, PENSOLE Academy and Central Saint Martins – University of the Arts London.
−Removed: Over the next four years, the Foundation will fund scholarships for nearly 100 students from historically underrepresented communities pursuing degrees in fashion and merchandising across these four educational institutions.
−Removed: Well-being and Safety .
+Added: We have a Global Diversity & Inclusion Council comprised of diverse leaders across all brands and regions.
+Added: The Global D&I Council works closely with senior leadership to ensure alignment of short-and long-term diversity and inclusion goals with Capri’s overall business strategy, provides governance and oversight on diversity and inclusion efforts across our brands, and promotes company-wide communication on progress.
+Added: We have a number of employee resource groups (“ERGs”) to provide support for those employees who self-identify with a particular group, including Pride@Capri, BOLD@Capri”, Black Organizers, Leaders and Doers, an Asian and Pacific Islander ERG and a women’s network ERG, and we utilize global D&I listening sessions, regular D&I newsletters and communications and keynote speakers to further embed inclusion in our workplace.
+Added: We are committed to recruiting, developing and retaining passionate, skilled and diverse talent.
+Added: We launched a new mentorship program during the fiscal year and we educate recruiters and hiring managers to mitigate the impact of unconscious bias during the interview process.
+Added: We are also a proud partner with a wide array of organizations and pledges in furtherance of driving equality and have a received a number of awards and accolades in the area of D&I.
+Added: Through The Capri Holdings Foundation for the Advancement in Diversity in Fashion, we are also driving diversity, inclusion and equality throughout the fashion industry by working collaboratively with colleges and high schools to create meaningful opportunities in fashion for underrepresented communities through scholarship programs in partnership with the Fashion Institute of Technology (FIT), Howard University, PENSOLE Academy and Central Saint Martins – University of the Arts London.
+Added: Over the next few years, the Foundation will fund scholarships for nearly 100 students from historically underrepresented communities pursuing degrees in fashion and merchandising across these four educational institutions.
+Added: Employee Engagement, Well-being and Safety .
+Added: Enhancing our employee experience has always been an integral part of our strategy and checking in with one another is a key part of our employee engagement program.
+Added: We believe two-way communication, feedback and continuous improvement drive progress within our group and our brands.
+Added: In Fiscal 2023, we expanded our employee listening approach and surveyed all global employees to better understand our company’s strengths and opportunities, and to ensure that the Capri employee experience is both highly engaging and inclusive.
+Added: We are proud to have been certified in the U.S.
+Added: as a Great Place to Work® in 2022 – an accolade that we believe is a testament to our culture of empowerment, inclusion and growth.
+Added: Michael Kors was also recently certified as a Great Place to Work® in the U.K.
Everyone working on behalf of our Company is entitled to work in a safe environment while maintaining their health and well-being.
Capri’s global safe workplace program, which includes employee traveler and emergency response alerts, raises awareness and provides safety resources tailored for workers in different work environments – from our distribution centers to our retail stores.
−Removed: In addition, as we continue to navigate the COVID-19 pandemic, we continue to prioritize the safety of our employees and our customers and to do our part to help stop the spread within our communities.
−Removed: We enhanced health and safety protocols at our retail stores, distribution centers and corporate offices, adhered to social distancing measures and provided contact-free shopping opportunities when safe to do so.
−Removed: As the landscape of this pandemic evolves, we continue to adapt and enforce safety protocols at our retail stores, distribution centers and corporate offices.
−Removed: The COVID-19 pandemic also changed the way we work with many of our corporate employees working remotely
−Removed: during the pandemic.
+Added: Throughout the fiscal year, we continued to assess evolving health and safety guidance related to COVID-19 and tailored our practices and protocols for different workplaces.
+Added: We also provided a range of resources and benefits to our employees throughout the pandemic, from remote and flexible workplace arrangements to grocery deliveries during lock-down and expanded mental health benefits through our Thrive global wellness program, designed to inspire employees to improve
+Added: their physical, emotional and financial well-being.
While we have welcomed employees back to work, we continue to explore flexible work options and have implemented a hybrid working environment.
−Removed: Beyond the threat COVID-19 has posed to physical health and the way we work, we also recognize the significant impact the pandemic has had on our employees’ overall well-being.
−Removed: We have significantly expanded our Thrive global wellness program, designed to inspire employees to improve their physical, emotional, and financial well-being.
Supply Chain Empowerment.
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Through our Code of Conduct for Business Partners and Factory Social Compliance Program, we partner with our suppliers on important human rights, health and safety, environmental and compliance issues.
−Removed: Capri is also signatory to the UN Women’s Empowerment Principles, and partnered with the Fashion Makes Change campaign to support the empowerment and education of women in the fashion supply chain.
+Added: Our goal is to establish and implement supply chain empowerment programs for key supply chain partners in line with the UN Framework for Corporate Action on Workplace Women’s Health and Empowerment by 2025.
+Added: We are also signatory to the UN Women’s Empowerment Principles, we partnered with the Fashion Makes Change campaign to support the empowerment and education of women in the fashion supply chain, and we recently joined Empower@Work, a platform that serves to catalyze collective action at scale for the benefit of the women workers and gender equality in global supply chains.
+Added: Beginning in 2023, we are committed to implementing workplace trainings at strategic partner facilities and leveraging the organization’s industry-wide and data-driven solutions to positively impact a greater number of women workers within our value chain.
We face intense competition in the product lines and markets in which we operate from both existing and new competitors.
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If the GSP program is not renewed or otherwise made retroactive, we will continue to experience significant additional duties and our gross margin will continue to be negatively impacted.
−Removed: Additionally, we are subject to government regulations relating to importation activities, including related to United States.
+Added: Additionally, we are subject to government regulations relating to importation activities, including the United States.
Customs and Border Protection (“CBP”) withhold release orders.
4 unchanged sentences
Corporate Social Responsibility (“CSR”)
−Removed: In April 2020, we shared Capri's group-wide, global CSR strategy, set around the environmental and social sustainability opportunities and challenges most important to our company and its stakeholders relating to environmental sustainability and climate change, human rights, diversity and inclusion, and philanthropy.
−Removed: Our CSR strategy is divided into three foundational pillars:
+Added: Our CSR strategy focuses on four foundational pillars:
+Added: • Our Governance – We believe responsible business practices start from the top, and we recognize the increasing importance of ESG matters to our business and our stakeholders.
+Added: Our sustainability governance model ensures our
+Added: Board of Directors, executive team and brands are aligned on the most important sustainability risks and opportunities for Capri.
• Our World – We believe that the success of our Company is directly linked to the sustainability of the world around us.
−Removed: Our brands strive to create the highest quality luxury products with longevity and sustainability in
−Removed: We endeavor to operate responsibly in order to lower our impact on the planet.
+Added: Our brands strive to create the highest quality luxury products with longevity and sustainability in mind.
+Added: We endeavor to operate responsibly in order to lower our impact on the planet and to promote industry-wide environmental change.
• Our Community – We believe we have a responsibility to those who work with us.
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• Our Philanthropy – Giving back is embedded in Capri’s culture.
−Removed: We are dedicated to supporting and driving positive change in the communities where we live and work.
−Removed: Within each of our three foundational pillars are key CSR focus areas that guide our work in support of the United Nations Sustainable Development Goals (SDGs).
−Removed: Our sustainability governance model includes a multi-level structure to ensure our Board of Directors, executive management team and business leaders across our brands are aligned on the most important ESG risks and opportunities for Capri.
−Removed: The Board has delegated oversight of ESG activities to the Governance, Nominating and CSR Committee.
−Removed: On at least an annual basis, our sustainability goals and action plans are presented to the Governance, Nominating and CSR Committee for review and approval, along with CSR progress updates which are presented quarterly.
+Added: We remain steadfast in our commitment to support our philanthropic partners and to drive positive change in the communities where we live and work.
+Added: Within each of our four foundational pillars are key CSR focus areas that guide our work in support of the United Nations Sustainable Development Goals (SDGs).
+Added: We believe responsible business practices start from the top.
+Added: Our sustainability governance model includes a multi-level structure to ensure our Board of Directors, executive management team and business leaders across our brands are aligned on the most important environmental, social and governance (“ESG”) risks and opportunities for Capri.
+Added: The Board has delegated oversight of ESG activities to the Governance, Nominating and CSR Committee (the “Governance Committee”).
+Added: On at least an annual basis, our sustainability goals and action plans are presented to the Governance Committee for review and approval, along with CSR progress updates which are generally presented quarterly.
+Added: The full Board of Directors regularly receives ESG updates from the Governance Committee and reviews our annual CSR reporting.
+Added: The Board’s Audit Committee also assesses ESG risks as part of its overall enterprise risk management review, and the Board’s Compensation and Talent Committee considers performance against individualized ESG goals in making executive compensation decisions.
+Added: In fiscal 2023, we conducted our latest materiality assessment with the goal of identifying and prioritizing the most relevant ESG topics to our business and our stakeholders.
+Added: The results of this materiality assessment helped to reinforce our CSR strategy and inform our reporting.
+Added: We are committed to regular public reporting of our ESG risks and opportunities and the progress we are making toward our CSR goals.
Additional information can be found at www.capriholdings.com/responsibility.
5 unchanged sentences
No information contained on our website is intended to be included as part of, or incorporated by reference into, this Annual Report on Form 10-K.
−Removed: Information relating to corporate governance at our Company, including our Corporate Governance Guidelines, our Code of Business Conduct and Ethics for all directors, officers, and employees, and information concerning our directors, Committees of the Board, including Committee charters, and transactions in Company securities by directors and executive officers, is available at our website under the captions “Governance” and “Financials” and then “SEC Filings.” Paper copies of these filings and corporate governance documents are available to shareholders free of charge by written request to Investor Relations, Capri Holdings Limited, 33 Kingsway, London, United Kingdom, WC2B 6UF.
+Added: Information relating to corporate governance at our Company, including our Corporate Governance Guidelines, our Code of Business Conduct and Ethics for all directors, officers, and employees, and information concerning our directors, Committees of the Board, including Committee charters, and transactions in Company securities by directors and executive officers, is available at our website under the captions “Governance” and “Financials” and then “SEC Filings.” Paper copies of these filings and corporate governance documents are available to shareholders free of charge by written request to Investor Relations, Capri Holdings Limited, 90 Whitfield Street, 2nd Floor, London, United Kingdom, W1T 4EZ.
Documents filed with the SEC are also available on the SEC’s website at www.sec.gov .
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.