Capri names Estée Lauder veteran Justin Boxford CEO as John Idol retires

Capri Holdings, the parent of Michael Kors and Jimmy Choo, has named Estée Lauder veteran Justin Boxford as its next chief executive, effective Jan. 4. Boxford takes the corner office from John Idol, who is retiring after more than two decades leading the company he built into a fashion group.

Idol, who currently holds both the chairman and chief executive roles, will remain a senior adviser through the end of March. Robin Freestone, the board's lead director, becomes independent chairman. Boxford also joins the board of directors, according to the company's press release.

Who Justin Boxford is

Boxford brings nearly 30 years in luxury and beauty, most recently as global president of luxury beauty brands at Estée Lauder Companies, the skincare, makeup, fragrance and hair care house. Idol said he has worked with Boxford before, when he helped build the Michael Kors fragrance business at Lauder.

Freestone praised Boxford's record of revitalising and growing global luxury and beauty brands, along with his international experience and what he called a people-centred leadership approach. The new chief executive described both houses as iconic luxury brands with distinct identities and tremendous potential.

"This announcement is the culmination of a thorough board-led process to identify Capri's next chief executive officer, and we are confident that Justin is the right leader to guide Capri in its next chapter of growth," Freestone said. He added that the board wants Boxford to build on the strengths of both brands.

"I look forward to working with Capri's teams around the world to build on the brands' strong foundations, deepen connections with consumers and drive sustainable growth and value for our shareholders," Boxford said in his own statement on the appointment.

Idol called the timing right. "It has been an extraordinary privilege to lead Capri for the past 23 years," he said, adding that with strategic initiatives advancing and the company on the path to return to growth in the fourth quarter, "this is the perfect time for Capri to transition to its next chief executive officer."

A business in flux

The handover lands mid-turnaround. Capri has shown recent signs of recovery, but it has also been talking to would-be acquirers about a potential sale, according to sources. Reports earlier this year pointed to investor interest in the Michael Kors brand, and Capri did not respond to a request for comment then.

Second-quarter revenue fell 5.5% year over year to $809 million, with Michael Kors driving much of the decline while Jimmy Choo posted sales gains. Michael Kors, founded in 1981 by the designer of the same name, remains the larger and weaker of the two houses.

TD Cowen analysts wrote in late October that Michael Kors trends improved sequentially as new fall product arrived and inventory availability improved. They still wanted additional proof points to support management's expectation of a return to growth in the fourth quarter.

Capri shares were up 1.6% in early pre-market trading to $21.73 on the news. Idol's tenure, in the words of the reporting, was defined by rapid growth and expansion this century, even as recent results have been weak.

Jimmy Choo, the high-end footwear, handbag and accessories label, has been the steadier performer. Our earlier brief on Jimmy Choo revenue rising 11.5% to $146 million recorded Capri holding to an $800 million goal for the brand, which Boxford now inherits alongside Michael Kors.

Capri is now a two-brand company. It agreed in April 2025 to sell Versace to Prada Group for $1.38 billion, having acquired it for $2.1 billion in 2018. In our piece on who owns Versace, we noted Prada paid roughly 40% less than Capri spent.

The $8.5 billion Capri-Tapestry merger collapsed in November 2024 after the US FTC blocked it in court. That left Idol to steer the remaining houses alone, and it is the position Boxford steps into when he takes over on Jan. 4.

Idol said he is confident Boxford is the ideal person to lead Capri into the future, citing the successes he has watched over the years. Idol's advisory role ends with March, so the first quarter of 2026 is his handover window.

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Images: Justin Boxford Charlie Bennet/Courtesy of Capri; The image by Windmemories is licensed under CC BY-SA 4.0