Filed by the Registrant ☒
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Filed by a Party other than the Registrant ☐
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Check the appropriate box:
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☐
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Preliminary Proxy Statement
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☐
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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☐
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Definitive Proxy Statement
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☒
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Definitive Additional Materials
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☐
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Soliciting Material under §240.14a-12
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Capri Holdings Limited
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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Payment of Filing Fee (Check the appropriate box):
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☒
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No fee required.
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☐
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Fee paid previously with preliminary materials.
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
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Capri Holdings Ltd
British Virgin Islands
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001-35368
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N/A
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Ordinary Shares, no par value
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CPRI
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New York Stock Exchange
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Item 8.01
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Other Events.
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Announcement Date
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Acquirer
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Target
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Deal Value (mm)
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EV / LTM EBITDA
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May 2017
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Coach, Inc.
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Kate Spade &
Company
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$2,356
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10.2x
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May 2015
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Ascena Retail Group,
Inc.
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Ann Inc.
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$2,000
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8.2x
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December 2013
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Sycamore Partners
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The Jones Group,
Inc.
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$1,200
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8.9x
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May 2013
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Apax Partners, L.P.
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Rue 21, Inc.
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$1,100
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9.9x
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October 2012
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PVH Corp.
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The Warnaco Group,
Inc.
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$2,977
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8.5x
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November 2010
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Leonard Green &
Partners, L.P., TPG
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J.Crew Group, Inc.
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$2,679
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8.6x
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March 2010
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PVH Corp.
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Tommy Hilfiger
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$3,115
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8.3x
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• |
Thunder Clothing Co.Tapestry,
Inc.
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Target
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EV/FY2024E Adjusted EBITDA
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P/FY2024E Adjusted EPS
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Hanesbrands Inc.
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8.7x
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12.8x
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Kontoor Brands, Inc.
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8.6x
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10.4x
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Carter’s, Inc.
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8.4x
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12.4x
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Levi Strauss & Co.
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8.3x
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11.9x
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Ralph Lauren Corporation
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8.1x
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14.0x
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Tapestry, Inc.
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7.9x
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10.0x
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PVH Corp.
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5.8x
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8.3x
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G-III Apparel Group, Ltd.
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4.8x
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7.4x
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Average
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7.6x
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10.9x
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Selected Multiple Range
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6.6x-8.6x
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9.9x-11.9x
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P&L Detail:
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FY2023E(1)
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FY2024E
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FY2025E
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FY2026E
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FY2027E
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FY2028E
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Revenue
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$
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5,619
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$
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5,800
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$
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6,193
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$
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6,636
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$
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6,983
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$
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7,310
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Adjusted EBITDA(2)
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$
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1,092
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$
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1,136
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$
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1,229
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$
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1,369
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$
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1,477
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$
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1,566
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Adjusted EBIT(3)
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$
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913
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$
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950
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$
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1,021
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$
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1,143
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$
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1,243
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$
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1,324
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Adjusted Net Income(4)
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$
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827
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$
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790
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$
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861
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$
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965
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$
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1,050
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$
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1,118
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Capex
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$
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264
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$
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260
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$
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300
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$
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300
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$
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300
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$
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300
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Unlevered Free Cash
Flow(4)(5)
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(5)(6)
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$
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666
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$
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712
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$
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857
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$
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952
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$
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1,057
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P&L Detail:
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FY2023A
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FY2024E
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FY2025E
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FY2026E
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FY2027E
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FY2028E
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Revenue
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$
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5,619
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$
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5,523
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$
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6,193
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$
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6,636
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$
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6,983
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$
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7,310
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Adjusted EBITDA(1)
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$
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1,087
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$
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1,036
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$
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1,229
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$
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1,369
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$
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1,477
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$
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1,566
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Adjusted EBIT(2)
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$
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908
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$
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850
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$
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1,021
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$
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1,143
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$
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1,243
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$
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1,324
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Adjusted Net Income(3)
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$
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821
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$
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759
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$
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861
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$
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965
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$
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1,050
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$
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1,118
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Capex
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$
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226
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$
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260
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$
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500
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$
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500
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$
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300
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$
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300
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Unlevered Free Cash
Flow(3)(4)
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(4)(5)
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$
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546(5)(6) |
$506
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$
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657
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$
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951
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$
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1,022
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CAPRI HOLDINGS LIMITED
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Date: October 17, 2023
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By:
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/s/ Krista A. McDonough
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Name:
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Krista A. McDonough
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Title:
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Senior Vice President, General Counsel & Chief Sustainability Officer
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