Capri Holdings appoints Estée Lauder senior executive Justin Boxford as CEO

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Koyena Das

Reuters, November 11 - On Wednesday, Capri Group (Capri, CPRI.N) announced the appointment of Estee Lauder veteran executive Justin Boxford as Chief Executive Officer, succeeding long-serving CEO John Idol. This move aims to help the fashion group attract consumers back to its high-end handbags and accessories business.

Boxford has worked at Estee Lauder EL.N for more than 20 years and will assume the role officially on January 4, 2027. He previously served as global president of the cosmetics company’s luxury beauty brands.

Capri’s demand has remained volatile (link) as American consumers are faced with high living costs and are becoming more selective about buying its luxury handbags and other items.

Michael Kors handbags are listed on the brand’s official website with retail prices between $89 and $279, while Jimmy Choo handbags range from $750 to as high as $6,500.

David Swartz, senior equity analyst at Morningstar, welcomed the leadership change, noting that Capri’s position has improved compared to two years ago and that most of the difficult restructuring work has been completed or is underway. “Capri has been through some tough years, and I think appointing a new CEO is a positive step.”

Geopolitical uncertainty has curbed Capri’s consumer spending in major international markets, and the company’s total shareholder return since its IPO has been minus 34%.

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eMarketer analyst Rachel Wolff said, “Boxford’s experience working in Asia is expected to provide Capri with valuable insights and help boost the company’s sales in the region.”

In fiscal year 2026, the Asian market contributed nearly 13% of the company’s revenue, while the Americas accounted for about 58%.

Last month, the company raised its annual performance forecast, betting that new product lines and increased marketing would rekindle sales growth.

Idol has led Capri since December 2003, overseeing the acquisition of Jimmy Choo nearly a decade ago, the purchase of Versace (link) and its eventual $1.4 billion sale, and an $8.5 billion merger attempt with Tapestry TPR.N, parent company of Coach, which collapsed in 2024 (link).

In 2021, Capri stated (link) that insider Joshua Schulman would succeed Idol in September 2022, but Schulman (link) had left the company before the handover.

Capri shares fell about 2%.

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