Capri Holdings Limited (CPRI)

Executive Summary

Capri Holdings owns Michael Kors and Jimmy Choo, and as of December 2025 it owns nothing else — Versace went to Prada for $1.375 billion in cash, ending a seven-year experiment in building an American luxury conglomerate that never earned its cost of capital. What remains is a smaller, cleaner, nearly debt-free company that generated $3.47 billion of revenue in fiscal 2026 against a market capitalization of roughly $1.75 billion, with the shares within a few percent of a 52-week low. The June quarter captured the tension in a single release: Michael Kors revenue fell again while gross margin expanded two full points to 65%, on higher full-price sell-through. That is what a controlled brand reset looks like rather than a collapse — but Michael Kors is three-quarters of the company and it has not stopped shrinking. Our full report covers the fifteen-year financial record, the accounting break created by the Versace divestiture, the balance sheet after the proceeds landed, the buyback, the competitive position against Tapestry and the European houses, and what the current price actually requires the business to deliver.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM’s overall rating and the specific price levels that would change our view