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Capri Holdings names longtime Estee Lauder executive Justin Boxford new CEO

By Reuters News

Nov 11 (Reuters) - Michael Kors parent Capri CPRI.N 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 EL.N 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 TPR.N in 2024.

Shares of Capri fell marginally in premarket trading.

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