Philippa Newman has been promoted to chief brand and product officer at Capri Holdings Ltd., effective immediately.
In this expanded role, Newman will oversee all product and marketing functions, and will continue to report to John D. Idol, chairman and chief executive officer of Capri Holdings and Michael Kors.
Newman has been with Michael Kors for over 16 years, most recently as chief product officer. She was promoted to that post in November, having been president of accessories and footwear for over eight years, and earlier senior vice president of sales and merchandising or wholesale.
Newman stepped into the chief product officer role following the departure of Cedric Wilmotte, who had been CEO of Michael Kors, and Idol stepping back into the Kors CEO role.
As chief brand and product officer, Newman will focus on delivering a compelling, unified brand experience aligned with the company’s heritage.
“Ms. Newman is an exceptional leader with keep brand expertise and a strategic mindset,” said Idol. “By bringing product and marketing under one cohesive leadership structure, we are creating greater synergy across or business, enabling a clear and consistent brand vision, and strengthening our ability to connect with consumers globally.”
Newman added, “Michael Kors has incredible brand equity, and I am honored to step into this role at such a pivotal time. I look forward to working alongside John, Michael and our talented teams to effectively execute our product and brand strategies and rive long-term growth.”
This strategic leadership shift comes at a time where the business is in the midst of a turnaround.
As reported, net losses for the third quarter ended Dec. 28 were $547 million, or $4.61 a diluted share, a steep drop from earnings of $105 million, or 88 cents, a year earlier. On an adjusted basis, income fell to $54 million from $142 million a year earlier.
Revenues for the quarter declined 11.6 percent to $1.26 billion. Michael Kors’ sales were down 12.1 percent to $909 million, while Versace’s sales declined by 15 percent to $193 million and Jimmy Choo slipped 4.2 percent to $159 million.
