Global fashion luxury company Capri Holdings Ltd. (CPRI) has appointed Cedric Wilmotte as Interim CEO of Versace, effective January 17, 2021.
Shares of the company closed 2.8% lower on Wednesday. The stock, however, rose 0.4% in the extended trading session to end the day at $63.80.
Capri is engaged in the design, production and sale of sportswear, accessories, footwear and apparel for men and women under the brands Versace, Jimmy Choo and Michael Kors.
Wilmotte will serve as Versace’s Interim CEO until December 31, 2022, replacing Jonathan Akeroyd who will leave on March 31, 2022.
During his tenure as Interim CEO, Wilmotte will report to Capri Holdings’ Chairman and CEO John D. Idol. (See Insiders’ Hot Stocks on TipRanks)
About Cedric Wilmotte
Wilmotte has been the President of the EMEA region at Michael Kors since 2008. Prior to this, he held leadership positions with Donna Karan in New York, London and Milan, and Marc Jacobs in Paris.
Idol said, “I am thrilled to have Cedric in this role as he has an exceptional breadth of luxury retail expertise…I am confident that under his leadership, Versace will be able to continue to execute on its growth strategy and build upon the brand’s incredible momentum.”
Wall Street’s Take
Following the release of Capri’s third-quarter financial results on November 3, Barclays (BCS) analyst Adrienne Yih reiterated a Buy rating on the stock and raised the price target to $85 from $75 (33.8% upside potential).
In a research note to investors, the analyst said, “The company reported an all-around beat driven by all three brands, which shows that strong consumer demand continues to outweigh supply chain disruption.”
Overall, the stock has a Strong Buy consensus rating based on 9 Buys and 1 Hold. The average Capri Holdings price target of $81.80 implies 28.8% upside potential. Shares have gained 98.2% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Capri’s performance.
According to the tool, compared to the previous year, the company’s website traffic registered a nearly 6% decrease in global visits in October. However, the website traffic has increased 3.1% year-to-date against the same period last year.
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