Michael Kors owner’s prospective CEO steps down months before taking over role

(Reuters) – Versace parent Capri Holdings Ltd said on Monday the head of its Michael Kors brand Joshua Schulman, who was set to become Capri’s top boss in September, would leave the company.

Schulman, a luxury veteran known for his turnaround of Tapestry Inc’s Coach brand, was appointed Michael Kors’ Chief Executive in August 2021, and was to take over as Capri’s CEO this year.

John Idol, who has been at the helm of Capri since December 2003, would remain as Chairman and CEO, the company said.

“I am fully committed to continuing to lead Capri Holdings,” Idol said.

Capri, which also owns the Jimmy Choo label, did not immediately respond to Reuters’ request for further details on his departure.

(Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)