Capri Holdings chairman and CEO John Idol admitted on the October 30 earnings call that Gen Z consumers “almost didn’t know who we were” at Michael Kors, which opened a TikTok Shop during the quarter to reach younger shoppers. Idol said the shop is selling almost four times what Capri originally planned, but the company didn’t say what that plan was or how much the shop has actually sold. Michael Kors still lost ground overall, with revenue down 8.6% to $663M in the quarter, which Capri partly blamed on about $50M in sales lost to inventory delays.
