Versace owner Capri is the latest victim of Trump tariffs as it posts dismal sales figures
The fashion conglomerate, which also owns handbag maker Michael Kors and high-heel brand Jimmy Choo, said US tariffs will dent its profits this year.
Sales plunged 15.4 per cent to £770million for the three months to March 29 as demand for all three flagship brands dwindled.
Versace is being sold to Italy's Prada for just over £1billion.
Capri boss John Idol said there was 'uncertainty around the impact of tariffs on the economic environment'.
Trump's tariffs have badly hit a luxury sector already suffering from declining demand.
Britain's Burberry and French conglomerate LVMH have also warned of the impact they could have.
China, which is a major target of duties, is a big growth market for high-end clothes and accessories.
Trading had been 'challenging', Idol admitted, as Capri clocked up an £890million loss for the 2025 financial year to March.
But he said that he expects luxury demand to 'improve throughout' this financial year, putting it in position to return to profit the year after.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
13 minutes ago
- Reuters
CK Hutchison wants Chinese firm to join bidding for its $22.8 billion ports business
HONG KONG, July 28 (Reuters) - CK Hutchison ( opens new tab said on Monday it wants a major Chinese strategic investor to join the BlackRock-led consortium bidding for its $22.8 billion ports business, after media reported that state-owned China COSCO Shipping Corp aims to join the group. The Hong Kong conglomerate in a statement said changes to the composition of the consortium and structure of the transaction will be necessary to secure regulatory approval, and that it will allow as much time as needed to achieve that. A 145-day exclusivity period for talks between the parties expired on Sunday. CK Hutchison's Hong Kong-listed shares were due to open higher just shy of 1% on Monday. A deal would cover 43 ports in 23 countries including two ports near the Panama Canal which links the Atlantic and Pacific oceans. U.S. President Donald Trump initially hailed the sale as "reclaiming" the Panama Canal after his administration called for the removal of what it said was Chinese ownership of some ports. U.S. investment firm BlackRock (BLK.N), opens new tab declined to comment. COSCO, Italian consortium member MSC and the White House did not immediately respond to requests for comment. China views the potential sale as a threat to its interests, seeing the consortium as a proxy for growing American influence in a region it considers economically and geopolitically significant. State-backed media, in criticism of the sale, said China has significant national interests in the matter and that selling the ports would be a betrayal of the country. China's top market regulator said it was paying close attention to developments and stressed the deal would be subject to a Chinese antitrust review. CK Hutchison in its statement said any new investor must be a "significant" member of the consortium. "This is an interesting development. A PRC (China) investor with majority control of the consortium sounds like a non-starter in my view. An investor with a less than 50% stake you would think should keep everyone happy," said strategist David Blennerhassett of Ballingal Investment Advisors who publishes on SmartKarma.
The Guardian
13 minutes ago
- The Guardian
Trump news at a glance: president hails US-EU trade deal as House speaker weighs in on Epstein controversy
Donald Trump has hailed what he called 'a powerful deal' on tariffs with the European Union to avert a damaging transatlantic trade war after months of tough negotiations between the two sides. 'It solves a lot of stuff and was a great decision,' the US president said of the agreement after meeting the European Commission chief, Ursula von der Leyen, in Scotland. The 'important' partnership involved the EU agreeing to spend tens of billions of dollars more on US energy products, Trump said. US House speaker Mike Johnson, meanwhile, said he would have 'great pause' about granting a pardon to Ghislaine Maxwell while another House Republican said it should be considered as part of an effort to obtain more information about Jeffrey Epstein's crimes. Here's more on this and the day's other key Trump administration stories: Donald Trump has announced a tariff deal with the European Union to end months of difficult negotiations between Washington and Brussels after meeting the European Commission chief, Ursula von der Leyen, at his Turnberry golf resort in Scotland. 'This is really the biggest trading partnership in the world so we should give it a shot,' the president said before the private meeting started. Von der Leyen described it as 'a huge deal' that would bring 'stability' and 'predictability' to both sides. Read the full story US House speaker Mike Johnson said he would have 'great pause' about granting a pardon or commutation to Ghislaine Maxwell while Kentucky Republican representative Thomas Massie said a pardon should be on the table for the jailed Epstein confidante if she were to give helpful information around the Epstein case. On Sunday – after deputy attorney general Todd Blanche met with Maxwell last week –Johnson was asked on NBC about the possibility of a pardon and said: 'I think she should have a life sentence at least … That she orchestrated it and was a big part of it, at least under the criminal sanction, I think is an unforgivable thing. So again, not my decision, but I have great pause about that, as any reasonable person would.' Read the full story A top US medical body has expressed 'deep concern' to Robert F Kennedy Jr over news reports that the health secretary plans to overhaul a panel that determines which preventive health measures, including cancer screenings, should be covered by insurance companies. The letter from the the American Medical Association comes after the Wall Street Journal reported on Friday that Kennedy plans to overhaul the 40-year old US preventive services task force because he regards it as too 'woke', according to sources. Read the full story Thai and Cambodian leaders will meet on Monday for talks to end hostilities, Thailand said, after pressure from Donald Trump to end a deadly border dispute. UK prime minster Keir Starmer will recall his cabinet from their summer break for an emergency meeting on the Gaza crisis this week as cross-party MPs warned his talks with Donald Trump provided a critical juncture in helping to resolve the conflict. Catching up? Here's what happened on 26 July.
Times
26 minutes ago
- Times
UK economy enjoyed short-term boost from Trump's tariff confusion
President Trump's initial move to impose tariffs on almost every country meant Britain's economy got off to a better-than-expected start in 2025, although forecasters still expect America's trade war to be a longer-term drag on growth. The UK economy is expected to grow 1 per cent this year, according to the EY Item Club, which had previously anticipated a rise in gross domestic product of only 0.8 per cent. The forecaster attributed its upgrade to a 'flurry of business spending' at the start of the year as companies tried to complete purchases and ship orders before the implementation of US tariffs in April. 'There was some activity and some additional exports brought forward and that lifted [the economy] in the first quarter, but you can see from the size of the upgrade that the outperformance wasn't massive,' Matt Swannell, chief economic adviser to the EY Item Club, said.
