Capri Holdings' Asia revenue slips just 2.9% while the Americas fall far harder, as Jimmy Choo turns a profit

Capri Holdings, the New York-listed owner of Michael Kors and Jimmy Choo, reported second-quarter fiscal 2027 revenue of $809m for the three months to 26 September, down 5.5% on a year earlier (down 4.9% at constant currency), according to the company's results, filed with the US Securities and Exchange Commission on 30 October. The figures cover only continuing operations: Capri completed the sale of Versace on 2 December 2025, so the comparison strips Versace out of both years.

Michael Kors, still by far the larger brand, posted revenue of $663m, down 8.6%. Jimmy Choo grew 11.5% to $146m and swung from an operating loss a year earlier to a $2m operating profit, the company said. Across the group, adjusted operating income rose to $31m from $20m; on a GAAP basis Capri moved from a $12m operating loss to $10m of operating income, and from a $34m net loss to $27m of net income.

Capri does not break out Japan: the country sits inside a broader Asia region, where Michael Kors runs a store in Tokyo's Ginza district alongside department-store concessions, according to the brand's own Japanese site, and Jimmy Choo also trades. By brand, Michael Kors' Asia revenue fell to $73m from $74m and Jimmy Choo's slipped to $28m from $30m, Capri's regional tables show. Added together, Asia revenue across both brands fell 2.9% to $101m, a far gentler decline than the Americas, where combined revenue dropped 9.0% to $447m; EMEA came in flat at $261m, as Jimmy Choo's 13.4% EMEA gain offset a 4.6% decline at Michael Kors. (Capri discloses revenue by brand and region, not as combined regional totals; the combined figures are floortok's calculation.)

"We are encouraged by the momentum building at both Michael Kors and Jimmy Choo," chief executive John Idol said in the release.

The company raised its full-year guidance for the second time this fiscal year, to revenue of about $3.42bn, operating income of about $175m and adjusted diluted earnings per share of about $2.20, up from the roughly $3.4bn, $170m and $2.15 it had guided to in August. That came despite the quarter itself beating Capri's own forecast: the company had guided in August to second-quarter revenue of about $780m, nearly $30m below what it went on to report. Third-quarter revenue is guided at about $1.005bn, a figure Capri said includes $20m of wholesale shipments that shifted out of the third quarter and into the second.

Capri's store count kept shrinking: 860 shops worldwide at quarter's end, against 907 a year earlier, with Michael Kors down to 655 stores from 691 and Jimmy Choo down to 205 from 216. The release gives no country-level count.

Reading the quarter

Some of Asia's relative steadiness may be currency rather than demand. The yen averaged about ¥159 to the dollar in July to September, against about ¥148 a year earlier -- a roughly 8% slide (floortok's calculation from Federal Reserve data) -- which would shrink the dollar value of any yen-priced sales Capri's Asia region books, Japan's among them, even with nothing changing on the shop floor. Capri's own numbers point the same way in miniature: group revenue fell more as reported (-5.5%) than at constant currency (-4.9%), a gap the company attributes to currency rather than demand.

Against its own earnings-room peers, Capri's Asia line sits in the middle. Ralph Lauren's Asia segment, which also folds in Japan, grew 24% (25% at constant currency) in the quarter to June 2026, its most recently reported. Tapestry, which owns Coach, named Japan its only shrinking region in fiscal 2026 (year to June), down 7% at constant currency even as Greater China grew 35%. Capri's 2.9% Asia decline is neither riding the regional boom Ralph Lauren describes nor sliding as hard as Tapestry's Japan line alone.

For Japan's luxury floors, brand mix looks like the more durable signal than geography. Jimmy Choo's return to profit and its double-digit growth give department-store buyers, and Capri itself, more reason to back the smaller house's shoes and bags, while Michael Kors' accessible-luxury positioning keeps absorbing a harder discounting environment in the Americas that its Asia business, Japan included, has so far been spared.