Pierre Denis is stepping down as CEO of Jimmy Choo after eight years on the job.
The London-based luxury brand confirmed the news today.
“Pierre has been an outstanding leader, delivering consistent, strong performance and driving the growth of the brand,” said John Idol, chairman and CEO of Capri Holdings, parent company of Jimmy Choo. “He leaves a company that is in robust health. I would like to express my thanks and good wishes to Pierre as he moves on to his next role. Jimmy Choo has an excellent team in place, and I am confident that our luxury house will continue to grow.”
He added that a search for a new CEO is underway.
Capri Holdings, which reported third-quarter earnings this month, said Jimmy Choo sales rose 1.9% to $165 million.
“The strategic initiatives for our recent acquisitions, Versace and Jimmy Choo, continue to gain traction, and we believe we are on the right path to position Michael Kors for future growth,” Idol said during the earnings release. “Longer term, as we continue to execute against our strategies, we are confident in our ability to deliver multiple years of revenue and earnings growth.”
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In the short term, Capri — like many other companies — is grappling with the business impact of the coronavirus, which continues to spread this week.
The firm revised its revenue forecast for the year to $5.65 billion and projected lower earnings per share in the range of $4.45 to $4.50. Its previous guidance put sales at $5.8 billion — with downward adjustment shaving more than $100 million off that estimate — and adjusted EPS at $4.95.
— With contributions from Samantha Conti