Michael Kors Names Andrea Pesaresi President of Men’s.
It is a very exciting time in the men’s industry. Michael Kors iconic brand DNA provides a great foundation for growth. The global fashion luxury group with brands covering the full spectrum of fashion luxury categories continues to extend the global reach of its brands with new moves and appointments.
Michael Kors Holdings announces that Andrea Pesaresi has been named President of Michael Kors Men’s. He will report to John D. Idol, the company’s Chairman and Chief Executive Officer. Pesaresi’s appointment will be effective October 15, 2018.
Pesaresi was most recently at Philippe Model, where he served as Chief Executive Officer. Prior to that, Mr. Pesaresi was at Ermenegildo Zegna for 25 years, where his most recent role was brand director of Z Zegna and Licensing which encompassed product development, brand strategy, international expansion and marketing.
“Andrea has been in the industry for 30 years and comes to us with extensive knowledge of the evolving luxury men’s marketplace,” said Mr.Idol. “Andrea will provide the necessary leadership to enable us to achieve our goal of developing the Michael Kors menswear business to $1 billion in revenue.”
Michael Kors’ fashion leadership remains strong
Last month, Michael Kors Holdings Limited announced its financial results for the fiscal 2019 first quarter ended June 30, 2018. Earnings per diluted share were $1.22 on a reported basis, an increase of 52.5% compared to the prior year. On an adjusted basis, earnings per diluted share were $1.32, an increase of 65.0% compared to the prior year.
The fashion group delivered better than anticipated revenue, gross margin, operating margin and earnings per share growth. Michael Kors brand revenues grew 8%, with performance above expectations. The renovated stores outperformed the balance of the chain. Jimmy Choo delivered better than anticipated revenues and operating income. The company also reported strong performance in footwear.
John D. Idol, the Company’s Chairman and Chief Executive Officer, said, “We are encouraged by our first quarter performance, with growth in revenues, gross margin, operating margin as well as earnings per share all exceeding our expectations. Our fashion leadership remains strong, which drove consumers to respond favorably to both new fashion introductions and core products. Our global fashion luxury group continues to see the benefits of our long term growth strategy which is driven by both the Michael Kors and Jimmy Choo brands. Looking ahead we remain optimistic about our business for the remainder of fiscal 2019 and beyond.”