Capri Holdings is making progress, with shares up 14.5% after CEO John Idol reported improved trends in the first quarter. The company aims to stabilize this year and return to growth by fiscal ’27. Net income rose to $56 million, with revenues down 6% to $797 million for the quarter.

Capri Holdings plans to sell Versace to Prada for $1.4 billion. The company aims to reduce its $1.7 billion debt and fuel a branded turnaround. CEO John Idol stated that Jimmy Choo will not be sold, and the focus is on increasing Michael Kors sales to $4 billion annually.

Michael Kors and Jimmy Choo parent company, Capri Holdings, is on track to stabilize business this year and return to growth by fiscal ’27. The firm reported a rise in net income to $56 million and plans to sell Versace to Prada for $1.4 billion to reduce debt. CEO John Idol confirmed Jimmy Choo is not for sale.

Read more at Yahoo Finance: Capri Shows Signs of Stabilization, CEO John Idol Plans to Keep Jimmy Choo