John D. Idol is a man who loves a gold logo – but it seems that the fashion execution has lost his touch in Midas, according to numerous sources.
Capri Holdings’s multi -million -million -million -wishes made his wealth in America’s largest brands, from Donna Karan to Michael Kors, before buying the Italian Versace design house for $ 2.1 billion in September 2018.
Now, the fashion industry – widespread with peace and rumors – has reacted with the horror of the news that the idol “brought” Donatela Versace as the Creator Director of the brand of her brothers Gianni and Santo launched in 1978.
However, for some, it does not come as a shock.
“He is a complex of God, chest beating, a man’s bulldozer, “the idol of the idol said.
Idol is reportedly pushing the Flamboyant Versace brand to create a monogram similar to Michael Kors’ MK “or” LV “of Louis Vuitton and bypass its iconic Medusa logo in favor of a more grazed baroque V – While rising prices, just as the luxury market took on a post-landmark decline.
“He will wrap your whole brand in that gold medallion [style] He likes to hang the handbag. He thinks every brand has the same formula, “the fashion insider said. Capri’s spokesman noted that this was a management team decision.
However, “he ran the brands completely to the ground, like Jimmy Choo,” the inner said. “He’s taking the heart out of them.”
Capri’s spokesman denied this, saying Capri had made sense of investment in Jimmy Choo.
Idol bought the shoe brand for $ 1.2 billion in July 2017, and the WWD is reported to be on sale – such as Versace, which is rapporteur in talks that will be destroyed by Prada.
It all comes after Idol’s offer to sell Capri – who also owns Michael Kors – for $ 8.5 billion in Tapestry, the parent of such prominent American brands as coaching, Kate Spade and Stuart Weitzman. This agreement was overthrown last year on antitrust issues.
According to Wall Street Journal, Capri Holdings are now valued at about $ 2.3 billion – a little more than the company paid for Versace. It was also reported that Idol saw his salary package reduced by $ 26.5%to $ 10.5 million, at 2023 while the company fought with the fall of sales and profits
“Maybe he has been overthrown by his receipt from the tapestry agreement that has not passed,” the fashion insider added.
Idol has been in the fashion business for decades, serving in the mid -1990s as president of the Ralph Lauren group and joining Donna Karan International Inc. Like CEO in 1997, replacing Karan himself. There, he was entrusted to return around the brand and a shocked financial brand LVMH as a buyer in 2001.
Along with the Hong Kong Kong Holdings Holdings -based firm, Idol won the Michael Kors brand for $ 100 million in 2003 -when its last $ 20 million with plans to position it as a classic American brand “Jet -Set”.
The view was pink at first. IPO of the 2011 company broke records and its shares were dropped 25% after debuting on the New York Stock Exchange. This was good news for Idol, who took on the role of CEO and later sold some of his shares for more than $ 400 million. He still holds 1% of Michael Kors.
“When Michael Kors came out in public, the brand was on fire. The quarterly everyday exceeded the previous one.
Although Kors business initially flourished, sales have been declining in recent years.
“The breakdown of Kors was his” Giddy’s Long “descending, with a strong time that lasted about five years,” said one former employee.
Idol was warned many times not to go down, according to the employee. “He said,” You are scattered “, but all he could see was the fragrance of the cash register.”
(Capri’s spokesman said the price strategy was a management team decision.))
At one point, the employee added, an industry expert compared the brand to real duane – because the shops were in every corner and the shops were bathing with Kors handbags.
“Our willing is that we have prices that are not in line for what is the customer’s reception,” Idol told analysts and investors in a conference call after sale of tapestries failed in November 2024. “
As the fashion business pointed out, Capri’s assets “start and end with Michael Kors” – which accounted for 70% of the group’s net sales in its most fiscal year. Global revenue is now at $ 3.5 billion.
“When the company began to break down, instead of paying attention to the Kors brand and fix it, [Capri] Other brands won. It will be very difficult for Capri to return from all this, “Santaniello said.” [during the government hearings] Since during the purchase phase, they paid attention to their models. They thought unity was a sure thing. “
After a judge blocked the deal, Capri’s shares were tasked with nearly 50% and left flat.
The failure of the tapestry also showed how much “very vengeful” idol can be, the former employee told The Post, indicating the departure of the former -ceo Ceo Cedric Wilmotte.
The executor testified at the FTC hearing in last September for the planned purchase, in which he admitted that the company’s turning efforts had fallen short – and added that the tapestry was more appropriate than Capri to run Kors, according to a WWD report.
But it was an email for his wife, who became part of the public record, which he might have made in Wilmotte, the employee said.
In it, then CEO wrote: “US [business] It’s a catastrophe and that’s all because of JE [Idol] Trying to keep the high line with discounts throughout the day against redefining brand heat creation. “
After 16 years with the company, Wilmotte was cut off in November. Capri’s spokesman said his departure Wilmotte came down to reorganization and the initiatives to reduce Capri’s expenses.
Insiders also say the idol wanted to show its proximity to the brilliant side of fashion. Viewers described it by seeing the “cat that took the cream” when it reached “with Donatella at the Met Gala 2019.
“We were in a fashion show, which is a $ 2 million event for just a six -minute presentation,” the Korsee format recalled. “John allowed elderly white dudes in the dressing room, where patterns were getting their hair and composition. Michael could be frequented and John would have these dollars again there, wandering around.”
The former employee claimed that such an approach to the background helped Idol gain membership at an exclusive Golf club in Southampton, not far from his $ 18 million asset.
“John would say” I want to get to a Long Island golf club, the hardest to get in, “the employee said. “He got inside … of course.”
Another source said Idol is a member of Shinnecock Hills in Southampton. Capri’s spokesman said the company does not discuss Idoli’s personal issues.
The insider said Idol’s relationship with Kors that the designer had ever been “unstable” and “strained”, despite the recent opening of a new Michael Kars boutique in Madison Avenue.
“I think Michael was planning to leave after sale in the tapestry, but I suspect he could just walk now,” the former employee said.
Denying any instability, Capri’s spokesman said, “Mr. Idol and Mr Kors have had a strong partnership since 2003, which continues to this day.” A representative for Kors did not respond to comment.
In Versace, Idol – which has a residence of $ 21.6 million Palm Beach – pushed Donatella to create closures that, according to Wall Street Journal, were “more Palm Beach than South Beach”. This is reported to have led to a frantic clash as when the models collapsed, Donatela tried to save things back in her most popular sex style.
Numerous sources have also said that Emmanuel Gintzburger, who Capri hired as CEO of Versace in 2022, Hadhed with Donatella. The designer did not respond to comment.
Now she will be replaced by Dario Vitale, who was the director of design at the Miu Miu brand owned by the Prada Group.
“The whole world of fashion feels [Idol] Donatella’s underestimated power and John Idol may have fulfilled his match here – and he really needed it, “said the fashion Insider.”
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Image Source : nypost.com