The American fashion conglomerate, which also owns Kate Spade and Stuart Weitzman, earned profits of $195 million USD in the three month period.
Analysts suggest that the industry’s recent financial reports mark the end of a “global luxury bubble.”
Following Tapestry Inc.’s acquisition of Versace’s parent company Capri Holdings.
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The company, which will soon acquire Capri Holdings, also forecasts less-than-expected results for fiscal 2024.