Versace owner Capri yesterday became the latest luxury fashion giant to warn over Donald Trump’s trade war as it posted dismal sales.
The fashion conglomerate, which also owns handbag maker Michael Kors and high-heel brand Jimmy Choo, said US tariffs will dent its profits this year.
Sales plunged 15.4 per cent to £770million for the three months to March 29 as demand for all three flagship brands dwindled.
Versace is being sold to Italy’s Prada for just over £1billion.
Capri boss John Idol said there was ‘uncertainty around the impact of tariffs on the economic environment’.
Trump’s tariffs have badly hit a luxury sector already suffering from declining demand.
Tariff woe: Versace owner Capri , which also owns handbag maker Michael Kors and high-heel brand Jimmy Choo, said US tariffs will dent its profits this year
Britain’s Burberry and French conglomerate LVMH have also warned of the impact they could have.
China, which is a major target of duties, is a big growth market for high-end clothes and accessories.
Trading had been ‘challenging’, Idol admitted, as Capri clocked up an £890million loss for the 2025 financial year to March.
But he said that he expects luxury demand to ‘improve throughout’ this financial year, putting it in position to return to profit the year after.
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