Capri Holdings buys Italian shoemaker Alberto Gozzi
today Dec 16, 2019
Capri Holdings Limited (owner of Michael Kors, Versace and Jimmy Choo) has strengthened in the footwear domain by buying Tuscany-based shoemaker Alberto Gozzi S.r.l. The acquisition is expected to be finalised by the fourth quarter of Capri Holdings’ current financial year (ending on March 31 2020), subject to specific terms and conditions.
The Italian shoemaker, run by the Gozzi family which founded it in 1974, is based in Pistoia, and over the years has specialised in the production of high-end footwear for many of the world's top luxury labels. Alberto Gozzi, whose factory and atelier extend over 1,000 m2, will soon begin developing and producing shoes for Jimmy Choo and Versace, while it will start on the Michael Kors Collection at a later date.
At the beginning of November, Capri Holdings indicated it expects a Q3 revenue of $1.53 billion (€1.38 billion), below the analysts’ average forecast of $1.6 billion. In Q2, which ended on September 28, the group’s normalised net income decreased by 7.8% compared to the previous year, down to $177 million (€159.8 million), equivalent to $1.16 (€1.05) per share. This was below the analysts’ forecast of $1.24 (€1.12) per share.
Total revenue was up 15.1%, to $1.44 billion (€1.30 billion), consistent with the analysts’ estimates, while gross income was $874 million, with a gross margin of 60.6%, as opposed to $763 million and a margin of 60.9% recorded the previous year.
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