Retail Dive: Michael Kors Appoints Versace Executive Cedric Wilmotte as CEO

(Image Source: Wikimedia Commons)

Michael Kors has named a new Chief Executive Officer (CEO) following the surprise exit of Joshua Schulman last year. Cedric Wilmotte, who is now serving as Versace's Chief Operating Officer (COO), will take over the CEO post starting from April 3. He brings with him years of experience at Michael Kors, having managed the company's Europe, Middle East, and Africa division for over a decade.

Prior to this, Cedric was relocated to Versace where he took on the role of a temporary CEO from January through September last year to get some experience running a business. When Versace hired former Alexander McQueen CEO Emmanuel Gintzburger, Cedric was then promoted to COO instead.

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“Cedric has proven himself to be a versatile leader within our group, having achieved great success at both Michael Kors and Versace,” said John Idol, Chairman and CEO of Capri Holdings. “The Board, Michael and I are confident that the Michael Kors brand will benefit tremendously from Cedric’s leadership, which will help to further accelerate our strategic initiatives. Cedric’s appointment ensures that we have three experienced and talented CEOs at each of our luxury fashion brands."

In its most recent quarter, Michael Kors saw quarterly revenue growth of 9.2%, with total sales of $962 million. The company has been boosting prices as part of a plan to strengthen its brand. Michael Kors has also just released its online resale shop called "Michael Kors Pre-Loved" where you can buy and sell gently used products from the brand.

“I am excited to lead the Michael Kors brand as Chief Executive Officer,” Cedric expressed. “Having been a part of the Michael Kors family for almost 15 years, I have a special and personal connection to our brand, our employees and our customers. I look forward to partnering with Michael, the strong leadership team and all of our valued employees around the world to execute on our strategic vision and drive future growth.”

Source: Versace exec to take on CEO post at Michael Kors

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