Cutbacks: Customers limited their spending on expensive bags
Michael Kors saw its UK sales fall sharply last year as customers reined in their spending on expensive bags and clothing.
The American brand, founded in 1981, counts among its fans celebrities and political figures such as Reese Witherspoon, Taylor Swift, Michelle Obama and Hillary Clinton.
UK sales fell by a tenth. The company said in-store trading was weaker but online transactions had been strong in the year to April.
Michael Kors also warned that it could raise prices further following a rise in the cost of basic materials.
The brand, named after the designer and self-made billionaire, increased prices by an average of 6 percent in the previous year through April 2023.
It comes as the luxury industry adjusts to shoppers spending less after a period of huge commercial success following the pandemic.
Michael Kors bought shoe brand Jimmy Choo for almost £900 million in July 2017 and snapped up Versace for £1.6 billion just over a year later.
Shortly after the Versace acquisition, the three brands were merged into a parent company called Capri Holdings, valued at £3bn on the New York Stock Exchange.