Capri Holdings Ltd. (NYSE:CPRI) is handing the reins to a beauty industry lifer. The company announced Wednesday that Justin Boxford, a longtime executive at Estée Lauder Companies Inc. (NYSE:EL), will become its next CEO.
Boxford succeeds John D. Idol, who plans to retire after more than two decades leading the luxury fashion group behind Michael Kors and Jimmy Choo. The leadership transition takes effect Jan. 4, 2027.
Boxford will also join Capri's board of directors. Current lead director Robin Freestone will become independent chairman. Idol will remain a senior adviser through March 31, 2027, to support the transition.
Estée Lauder Veteran Takes the Helm
Boxford brings nearly 30 years of experience in the global luxury and beauty industries. Most recently, he served as global president of luxury beauty brands at Estée Lauder.
Previously, he led the Estée Lauder brand's turnaround, helping restore growth, expand product categories and strengthen its market position. He also spent five years leading La Mer, where he more than doubled the skincare brand's size.
Additionally, Boxford held senior leadership roles across Asia-Pacific and helped expand Tom Ford Beauty in the region. Freestone said Boxford's experience revitalizing luxury brands positions him to drive Capri's next phase of growth.
Idol Exits After Transforming Capri
Idol's retirement marks the end of a 23-year tenure during which he helped transform Capri into a global luxury fashion group. Under his leadership, Michael Kors grew into a multibillion-dollar brand. He also oversaw the acquisition and expansion of Jimmy Choo.
Idol said the company has made progress on its strategic initiatives and remains on track to return to growth in the fourth quarter. He also expressed confidence in Boxford, citing their previous collaboration on Michael Kors fragrances at Estée Lauder.
The leadership change comes as Capri focuses on strengthening its two luxury brands and pursuing sustainable growth.
CPRI Price Action: Capri Holdings shares were down 2.00% at $20.78 at the time of publication on Wednesday, according to market data.
