Capri Holdings, the luxury fashion conglomerate known for its ownership of renowned brands such as Versace, Jimmy Choo, and Michael Kors, has announced that Thomas Edwards Jr. will be leaving his position as executive vice-president, chief financial officer (CFO), and chief operating officer (COO) to pursue a new opportunity at Macy's. Edwards' departure is set for June 20, 2025, at which point he will transition into the roles of COO and CFO at the retail giant Macy's, a move that marks a significant shift in his career trajectory. Edwards has been with Capri Holdings for eight years, during which he has played a crucial role in shaping the company’s strategic direction. Notably, he was key in the successful acquisition and integration of the Versace and Jimmy Choo brands into Capri’s portfolio, enhancing the company’s competitive edge in the luxury market. His efforts also included the establishment of shared services and streamlined infrastructure that have been vital for Capri's operational efficiency. This leadership transition comes at a time when the brand is undergoing additional changes. Notably, Donatella Versace, a pivotal figure in the fashion industry and the mastermind behind Versace’s creative direction, assumed the title of brand ambassador for Versace on April 1, 2025. This shift saw her stepping down from her chief designer responsibilities, further signaling a period of transformation for Capri Holdings. In response to Edwards' departure, Capri Holdings has launched a search for a successor, indicating its commitment to maintaining strong financial oversight during this transition. Rajal Mehta, who is currently serving as the CFO for the Michael Kors brand, will step in as the interim CFO for Capri Holdings. Mehta brings a wealth of experience, having joined Michael Kors in 2008 and holding various finance roles, including divisional vice-president for corporate financial planning and analysis at Capri Holdings. His extensive background also includes finance-related positions at notable companies such as Toys“R”Us and Ralph Lauren. Patricia Gabriel will continue her role as senior vice-president and chief supply chain officer, overseeing the company's global operations during this transition period. Both Mehta and Gabriel will report directly to John Idol, the chairman and CEO of Capri Holdings, who expressed gratitude to Edwards for his contributions and leadership over the years. Idol stated, "We are pleased to announce that Rajal Mehta will assume the position of interim CFO. Raj has worked at the company for more than 16 years and has a strong understanding of our financial operations. I have full confidence in his ability to lead our finance team." Idol also praised Patricia Gabriel, noting her significant impact since joining Capri in 2022 and her role in strengthening the company's global operations and supply chain efforts. He emphasized that Capri Holdings has a robust team in place, ensuring both continuity and stability during this period of change. However, the company faces challenges as it reported a decline in revenue for the third quarter of fiscal year 2025 (FY25), with earnings dropping to $1.26 billion, down from $1.42 billion during the same period in fiscal year 2024. This dip highlights the competitive pressures within the luxury retail market and the necessity for strong financial leadership moving forward.