We are deeply saddened by the alarming increase of inequality, violence, racism, and discrimination around the world. At Capri Holdings, we firmly believe that any act of violence or discrimination against one community is an assault on all humanity.
As a global community at Capri Holdings, we pledge to foster an environment where diversity, equity, and inclusion are not just valued but celebrated as cornerstones of our identity and success. Our commitment to creating a more equitable and inclusive world is unwavering, and we recognize the role we play in driving positive change within our industry and beyond.
As members of Capri Holdings, we individually and collectively pledge to uphold these commitments, understanding that together, we have the power to be a force for good and create lasting change. If we all step up and take action, we can make a difference.
In response to recent challenges around the world, Capri has made impactful contributions, including donations to The Legal Defense Fund in recognition of Juneteenth and the International Committee of the Red Cross to aid those affected by the conflict in Israel and Gaza. Additionally, we've donated over €1 million in essential clothing for Ukrainian war refugees. The Capri Holdings Foundation for the Advancement of Diversity in Fashion, The Versace Foundation, and The Jimmy Choo Foundation, alongside Michael Kors’ philanthropic efforts with the UN World Food Programme and God’s Love We Deliver, underscore our unwavering dedication to fostering meaningful change within our communities.
Diversity, equity, and inclusion are embedded in the DNA of each of Capri Holdings’ three luxury brands, Versace, Jimmy Choo, and Michael Kors. We foster an inclusive environment where employees and customers of diverse backgrounds are respected, valued, and celebrated. We are proud of our commitment to diversity, equality, inclusion, and anti-racism, and will continue to advance these principles through meaningful short- and long-term actions across the globe.
Our commitment to diversity extends beyond representation. We are building an inclusive space where all employees have the opportunity to realize their full potential and excel.
Differences in ideas and experiences are what allow our company to thrive. We are attracting, advancing, and advocating for a workforce that reflects the diversity of the world around us.
Through diversity and inclusion comes understanding and strength. Our responsibility to promote equality is not just to those who work with us, but also to our industry, the customers we serve and the communities around us.
We understand that actions speak louder than words when it comes to combating hate and promoting understanding. Our comprehensive initiatives are designed to educate, engage, and foster a culture of inclusivity and respect. Every effort is made to ensure that each member of our community feels valued and supported.
We believe that education = acceptance. Our comprehensive DEI training program, including mandatory courses and specialized workshops, equips our workforce with the knowledge and skills to create an accepting and inclusive workplace. Each year we assess the topics currently offered, the topics our employees have shown interest in, and topics that are socially relevant (as it pertains to DEI) to continue expanding the learnings available. This spring we’ll be launching a new workshop focused on disability and accessibility awareness.
Our ERGs provide a supportive network for underrepresented groups and allies, promoting personal and career development and ensuring every voice is heard and valued. ERGs serve as powerful forums where individuals can connect, share experiences, build community, and contribute to a culture that values and celebrates diversity. While ERGs aim to provide support for those who self-identify with a particular group, they are also a place where allies of that group can show and find support for their colleagues.
Over the last year, we have established several ERGs formed around historically underrepresented identities: PRIDE@Capri (LGBTQIA+ employees and allies), EmpowerHER@Capri (female employees), BOLD@Capri (Black Organizer, Leaders, and Doers), and APPLAUD@Capri (Asian Pacific Partners, Leaders, and Unified Doers), and most recently LatinosUnidos (Hispanic and Latinx) in North America. We have also launched our Parenthood@Capri (working parents) in EMEA. These groups provide a welcoming and inclusive environment that empowers our employees to be their authentic selves and contribute their best work.
Our Safe Space Sessions are vital in promoting open, authentic, and empathetic dialogue. These regular sessions are designed to address a range of issues, providing a forum for our employees to express their thoughts, feelings, and experiences. By encouraging this open dialogue, we're fostering a culture of understanding and empathy, ultimately helping us navigate challenging moments together as a community during times of tragedy or impactful events.
Our D&I Speaker Series is an integral part of our commitment to education and engagement. By bringing in diverse voices and perspectives, we foster a deeper understanding of the topics that matter to our employees, promoting dialogue and meaningful conversation that leads to real change. Past speakers who have joined us in conversation include:
With over 400 participants worldwide, the Capri Mentorship Program provides an opportunity for individuals from all walks of life to connect, share, and learn from one another. By empowering our employees to be mentors and mentees, we're cultivating a culture that values growth, collaboration, and mutual respect.
The program offers traditional mentoring (a seasoned professional mentors a more novice employee with for the purpose of sharing their knowledge, skills, and experiences) as well as reverse mentoring (a less experienced team member mentors someone more senior, exchanging ideas, experiences, and perspective). We are intentional with who we select to be in the program, ensuring that it provides an opportunity to promote inclusion, and encourages access, belonging and allyship.
Through The Capri Holdings Foundation for the Advancement of Diversity in Fashion, we're making a tangible impact on the fashion industry, creating opportunities for underrepresented communities, and fostering a more inclusive and equitable future.
Established in 2021, the foundation is proud to have launched an expansive new scholarship program in partnership with the Fashion Institute of Technology (FIT), Howard University, Pensole Lewis College of Business and Design, and Central Saint Martins University of the Arts London. During the 2022 – 2023 school year the foundation oversaw its’ first group of scholarship students through their freshman year of college. In addition to scholarships, the program provides students with mentoring opportunities as they are paired with leaders across all brands and functions to provide both professional and personal development. Capri also host quarterly Speaker Series sessions for the scholars providing industry insights from Capri senior leadership.
Over the next several years, the foundation will fund scholarships for nearly 100 students from historically underrepresented communities, including the BIPOC (Black, Indigenous, and People of Color) community, who are pursuing degrees in fashion and merchandising across all four institutions.
Our monthly D&I magazine is more than just a communication – it's a platform for education, celebration, and engagement. The magazine includes educational information and employee spotlights celebrating more than 100 global holidays and events, registration information upcoming, updates regarding current events, and additional diversity and inclusion topics and tips.
Our commitment to diversity is reflected in our approach to recruitment. We strive to create a workforce that mirrors the rich diversity of the global community we serve. In order to ensure we are upholding this vision, each of our executives are held accountable to the goal of building a more diverse workforce and fostering a culture of inclusivity. Additionally, all hiring managers are enrolled in mandatory interview training that places a strong focus on de-biasing the interview process.
Our efforts are focused on creating an environment that is representative of, and welcoming to, all people regardless of background, age, language, nationality, socioeconomic status, gender, religion, generation, culture, race, ethnicity and/or sexual orientation.
Our DEI Council and Ambassador program was created to support and champion DEI initiatives at Capri. Council members are expected to drive the development /implementation of DEI initiatives, serve as a communication channel between the DEI /HR teams and the wider organization, and contribute to the ongoing development of DEI efforts by sharing insights, suggestions, and ideas. They represent the voice of our employees by actively seeking broader feedback and advising our senior leaders.
Our partnerships reflect our unwavering commitment to creating a more inclusive world. By aligning with organizations that share our vision, we're amplifying our impact and working collaboratively to positively impact the communities around us. We are committed to establishing more partnerships and are currently open sourcing to establish these partnerships.
Partnerships include:
To further Capri’s stance against racism, we have committed to an annual donation dedicated to the advancement of racial equity in our communities. We will select an organization each year that supports BIPOC communities and fights for racial justice.
Capri Holdings partnered with Parity.Org to underwrite the ParityMODEL for People of Color earlier this year. This whitepaper is based on extensive research and in-depth insights from organizations that have succeeded in attracting, promoting, and retaining employees of color. The ParityMODEL is available for download HERE.
Capri Holdings participated in the British Fashion Council’s 2023 Diversity in Fashion report. This report included data from more than 100 companies, and had detailed conversations with Chairs, CEOs and HRDs to assess how businesses are driving their DEI agendas. By submitting key data and participating in an interview, we were able to share key insights about Capri’s DEI commitments and programming.
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Non-GAAP Information
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP financial measures. These amounts are not in accordance with, or an alternative to, GAAP. The Company uses non-GAAP financial measures to, among other things, evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Please see the Company’s SEC filings for more information concerning the Company’s use of non-GAAP financial measures.