Capri Holdings names longtime Estee Lauder executive Justin Boxford CEO

By Koyena Das

Nov 11 (Reuters) - Capri on Wednesday named Estee Lauder veteran Justin Boxford as CEO, replacing longtime chief John Idol, as the fashion group tries to draw shoppers back to its pricey handbags and accessories.

Boxford, who has spent more than two decades at Estee Lauder, will take over on January 4, 2027. He most recently served as global president of the cosmetics company's luxury beauty brands.

Demand has been uneven for Capri as consumers grappling with high cost of living in the US become more selective in purchasing luxury products such as its handbags.

Michael Kors handbags retail between $89 and $279 on its website, while Jimmy Choo handbags retail for $750 to as high as $6,500.

Morningstar senior equity analyst David Swartz welcomed the leadership change and said Capri was in better shape than two years ago, with much of the difficult restructuring work completed or underway. "Capri has had some difficult years, and I think it's a positive move to bring in a new CEO."

Geopolitical uncertainty has suppressed consumer spending in key international markets for Capri, which has delivered a negative total shareholder return of 34% since going public.

According to eMarketer analyst Rachel Wolff, "Boxford's experience working in Asia could offer Capri useful insights as the company seeks to boost its sales in the region."

Asia contributed nearly 13% to the company's revenue in fiscal 2026, while the Americas accounted for around 58%.

The company lifted its annual forecasts last month, betting on new collections and increased marketing bringing back sales growth.

Idol has led Capri since December 2003, through its acquisition of Jimmy Choo nearly a decade ago and the purchase and eventual $1.4 billion sale of Versace, and oversaw a failed $8.5 billion merger attempt with Coach parent Tapestry in 2024.

In 2021, Capri had said insider Joshua Schulman would succeed Idol in September 2022, but he left the company before the transition.

Shares of Capri were down about 2%.

(Reporting by Koyena Das and Sanskriti Shekhar in Bengaluru, additional reporting by Neil J Kanatt; Editing by Joyjeet Das)