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Capri Cuts Forecasts as Demand Slows, Shares Plunge 20%

Luxury companies weathered inflation better than other industries as affluent shoppers dipped into pandemic savings, but persistently increasing prices have now prompted high-end spenders to stem their splurging on designer labels.
The Michael Kors Autumn/Winter 2022 show runway.
Michael Kors owner Capri Holdings Ltd cut its annual profit forecast. (INDIGITAL.TV / Ik Aldama)

Michael Kors owner Capri Holdings Ltd cut its annual profit forecast on Wednesday, hurt by a slowdown in demand for its luxury handbags and apparel in department stores, sending its shares tumbling 20 percent before the bell.

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