Justin Boxford Tipped as Next CEO of Capri Holdings

Justin Boxford is preparing to become chief executive officer of Capri Holdings, according to multiple sources who spoke to WWD late Tuesday, in a move that would end John Idol's 22-year run leading the Michael Kors parent.

Capri declined comment. A spokesperson could not immediately be reached. The appointment remains unconfirmed by the company. Treat it as an intention circulating among informed parties, not a signed deal.

Who is Justin Boxford?

Boxford spent more than 20 years climbing the ranks at Estée Lauder Co. In September, the company named him global president of its luxury beauty brands. Last week, in a surprise move, he stepped down to pursue a new opportunity.

The Capri role fits his record. When Boxford left Lauder, Jane Hertzmark Hudis, executive vice president and chief brand officer, credited his global reach. "He has helped advance our digital and omnichannel capabilities, elevate luxury brand experiences, deepen consumer engagement and deliver local relevance around the world," she said.

Boxford took over the Estée Lauder brand when it was at a low point. He turned the business around, extended its franchises, sharpened innovation and launched gourmand fragrance.

Why Capri needs a turnaround operator

Michael Kors, the brand Idol built Capri around, has struggled for years. The company has lately made progress in elevating the label and driving more full-price sales.

Late last month, Capri — which also owns Jimmy Choo — reported fiscal second-quarter sales down 5.5 percent. Gross margins improved. Earnings per share came in twice as strong as analysts anticipated, and the stock price jumped.

Idol framed the quarter as evidence of a deliberate reset. "Over the past several seasons, we have been focused on elevating brand desirability, strengthening our product assortments, creating deeper connections with consumers and we are seeing evidence that those efforts are gaining traction globally," he said.

The CEO quantified the cost of that strategy in the retail channel. "In our own retail channel, sales declined low double digits as anticipated," Idol said. "We had approximately 40 percent less markdown inventory available for sale and reduced promotional activity by approximately 50 percent, both of which created a meaningful headwind to revenue during the quarter."

For sourcing and merchandising teams, the numbers signal a sustained pullback in off-price and promotional volume. A channel strategy built on roughly half the promotional activity and 40 percent less markdown inventory reshapes order books, lead-time planning and inventory commitments across the supply base.

How Capri got here

Idol built Capri into a would-be luxury group. He bought Jimmy Choo and Versace and took aim at conglomerate scale.

Coach parent Tapestry Inc. then offered to buy Capri in its own empire-building push. The deal collapsed under antitrust pressure.

In the aftermath, Capri sold Versace to Prada last year. The company used the proceeds to clean up its balance sheet and double down on Michael Kors and Jimmy Choo.

What does Boxford's arrival mean for suitors?

This fall, would-be acquirers have started circling Capri. Some have gone as far as reviewing the company's book, as WWD reported in September. Sources say those talks have continued and extended.

Boxford's arrival adds a new variable to that process. A beauty-and-luxury turnaround executive running Michael Kors and Jimmy Choo could either sharpen the brands ahead of a sale or chart an independent path, and the outcome will define the next chapter for two of fashion's most prominent labels.

If confirmed, the appointment would hand Boxford a two-brand portfolio, a de-levered balance sheet and a margin-rebuilding program already showing traction — with the acquirer question still open behind it.