Capri taps Justin Boxford to replace John Idol after 23 years as CEO

Capri Holdings, the owner of Michael Kors and Jimmy Choo, said Wednesday that John Idol is retiring after more than two decades in charge and that Estée Lauder veteran Justin Boxford will become chief executive on Jan. 4, WWD reported. Robin Freestone will become independent chairman.

The handoff comes at a key moment for the fashion group. Capri has been showing signs of a turnaround, but it has also been talking to would-be acquirers about a potential sale, WWD reported, citing sources. The new chief executive will decide how the company builds on that recovery, or whether it changes hands.

Idol leaves a company he shaped. He currently holds both the chairman and chief executive titles, and he will stay on as a senior adviser through the end of March. Under him, Capri grew Michael Kors into a corporate fashion force and expanded through this century, WWD said. "It has been an extraordinary privilege to lead Capri for the past 23 years," Idol said.

Boxford is a beauty executive moving into handbags and shoes. WWD was the first to report on Tuesday night that he was headed for the corner office. Idol said in the announcement that he had worked with Boxford in the past, when Boxford helped build the Michael Kors fragrance business at The Estée Lauder Companies, and called him the ideal person to lead Capri.

The board described a deliberate search. Freestone said the choice was the culmination of a thorough board-led process and pointed to Boxford's record of revitalizing and growing global luxury and beauty brands, his international experience and what he called a people-centered approach to leadership. He said the board expects Boxford to build on the strengths of Michael Kors and Jimmy Choo.

Boxford set out his priorities in a short statement. He called the two labels "iconic luxury houses, with distinct identities and tremendous potential." He said he wants to deepen connections with consumers and drive sustainable growth for shareholders.

The recent numbers give him something to work with. Idol said the company is on the path to return to growth in the fourth quarter, and he described the progress on its strategic initiatives as the reason the timing was right. On Oct. 30, Capri raised its annual forecasts, according to a MarketScreener news summary, which also listed a UBS price target change to $19 from $17 earlier this month.

The move follows other leadership shake-ups across fashion, including the Centric Brands buyback by its chief executive, as we reported earlier. More coverage is on the Lifestyle & Fashion Sector page.

The formal transition date is Jan. 4, when Boxford takes the chief executive role and Freestone becomes independent chairman, with Idol advising the company through the end of March.