Must read: Capri Holdings reports ‘disappointing’ sales decline, Eleven Beauty sales up 50%

These are the stories making headlines in the fashion industry on Friday.

Capri Holdings reports “disappointing” first quarter results
Capri Holdings, which owns Versace, Jimmy Choo and Michael Kors, reported “disappointing” earnings in its first fiscal quarter of 2025, which ended June 29. The company cited “a slowdown in global demand for luxury fashion.” Revenue fell 13.2% and gross profit fell 64.6% year-over-year, from $812 million to $689 million. Versace reported a loss of $17 million, while Jimmy Choo saw the smallest drop in revenue at 5.5%. In the press release, CEO John D. Idol also noted that the company continues to fight the FTC’s lawsuit seeking to block its acquisition by Tapestry. {Capri Holdings}