Footwear and fashion group Capri, the owner of Versace, Jimmy Choo and Michael Kors has reported a 13.2% decline in revenue for the first quarter of Fiscal 2025, ending June 29, 2024, with total revenue at $1.07 billion.

The decline was driven by a global decrease in demand for luxury fashion goods. The company posted a net loss of $14 million, compared to a net income of $48 million in the same quarter last year. On an adjusted basis, net income was $4 million.

Versace saw a 15.4% revenue drop to $219 million, with an operating loss of $17 million. Jimmy Choo's revenue declined 5.5% to $173 million, with operating income of $4 million. Michael Kors, the largest brand under Capri, reported a 14.2% decline in revenue to $675 million and an operating income of $75 million.

CEO John D Idol acknowledged the disappointing results, attributing them to a challenging global retail environment. Despite this, he highlighted the continued consumer interest in the company's brands, evidenced by the addition of 12.6 million new consumers across their databases, representing 15% growth.

Mr Idol also reaffirmed Capri's commitment to its pending acquisition by Tapestry, despite ongoing regulatory challenges.