From Yahoo Finance: 2025-04-01 09:12:00

Capri Holdings’ finance and operations head, Thomas Edwards, will leave to join Macy’s in June to assist CEO Tony Spring’s turnaround efforts. Capri aims to rebuild after failed deals and potential Prada acquisition talks for Versace. Macy’s struggles with non-essential sales due to inflation, plans to close stores and focus on luxury outlets like Bloomingdale’s.

Shares of Macy’s rose 3% as Capri’s fell 1% after Edwards’ departure announcement. Donatella Versace stepping down fuels talks of Versace’s sale. Macy’s CEO Spring plans to close 150 stores by 2026, invest in high-potential locations, and boost sales through luxury outlets. Morningstar analyst sees Macy’s push in luxury as reason for hiring Edwards.

Edwards will replace Adrian Mitchell as CFO at Macy’s, remaining with Capri until June 20. Capri’s Michael Kors’ Rajal Mehta will serve as interim CFO. Macy’s focuses on cost cutting, boosting luxury sales, and strategic store closures. Capri seeks to rebuild post-Tapestry deal fallout and Prada acquisition rumors.



Read more at Yahoo Finance: Michael Kors owner Capri’s finance head jumps ship to Macy’s