The move was revealed in a filing with the Securities and Exchange Commission late Friday — a kind of witching hour for public companies wanting to quietly make some revelation.
The company took on the name Capri in December to “reflect its stature as a global fashion luxury group comprised of three founder-led brands,” according to the filing.
Contacted by WWD, the company sent a statement from John Idol, chairman and chief executive officer of Capri, that noted: “The board of directors will focus on the growth and development of each of these three unique luxury houses. Michael Kors is our largest and most profitable brand in the group.
“Mr. Kors remains the honorary chairman and chief creative officer of the Michael Kors brand,” Idol said. “He is the leader of our successful American luxury house and will continue to guide its creative vision.”
Kors founded the brand in 1981, holding his first runway show in 1984.
While Kors received accolades as a designer, the business didn’t reach its potential until investors Silas Chou and Lawrence Stroll bought control of the company in 2003.
The company went public in 2011, bought Choo in 2017 and reeled in Versace last year for $2.1 billion — an aggressive deal that solidified its new position as a consolidator of brands and a seeker of scale.
The ambitions came with a new outlook that apparently prompted Kors focusing in on his own business.
The new moniker, while official, is still taking hold in the market.
Idol told investors in September, when the Versace deal was signed, that: “Our new name is inspired by the fabled island, which has long been recognized as iconic, glamorous and luxury destination. The island’s spectacular three-rock formation formed over 200 million years ago, is symbolic of our timeless heritage and a strong foundation that is at the core of each of our three founder-led brands in our global fashion luxury group.”