Capri Holdings names longtime Estee Lauder executive Justin Boxford new CEO

Michael Kors parent Capri on ​Wednesday named Justin Boxford to replace ‌company veteran John Idol as CEO, effective January 4.Boxford joins Capri after nearly 23 years at Estee Lauder, ​where he held various positions, including senior vice ​president for Estee Lauder and Tom Ford ⁠Beauty brands outside of North America.Boxford ​most recently served as the global president ​of Estee Lauder's luxury beauty brands.The leadership change comes as Capri works to revive demand at Michael ​Kors by revamping stores and investing in ​new products, as inflation-weary consumers grow more selective about ‌discretionary ⁠spending.The Jimmy Choo owner lifted its annual revenue and profit forecasts last month as it expects a return of sales growth, helped by new collections and increased ​marketing.Idol, who has ​led the ⁠company since December 2003, oversaw its acquisition of Jimmy Choo ​nearly a decade ago and the purchase and ​eventual $1.4 ⁠billion sale of Versace last year.He was also Capri's CEO during its failed $8.5 billion merger attempt ⁠with ​Coach parent Tapestry in ​2024.Shares of Capri fell marginally in premarket trading.