Capri : Q2 FISCAL 2021 EARNINGS PRESENTATION

2Q Fiscal Year 2021 Earnings Presentation

November 5, 2020

SECOND QUARTER FISCAL 2021 HIGHLIGHTS

• Revenue trends improved sequentially in 2Q21, with results above expectations

1. 2Q21 E-commerce sales up approximately 60%, a sequential acceleration versus 1Q21

1. Positive sales in Mainland China in 2Q21 across all Luxury Houses

• 1. Mid-single-digitgrowth in retail sales at Versace July through September
• 2Q21 Gross Margin expansion of 220 bps
• 2Q21 Operating Margin expansion of 240 bps

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QUARTERLY RETAIL SALES IMPROVING

Year-over-year percent change

0%

(25)%

(50)%

(75)%

4Q20

1Q21

2Q21

Total Sales		Retail Sales

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Note: Retail sales include Versace for the three months ended September 26, 2020

QUARTERLY RETAIL SALES IMPROVING

Total Global

			4Q20	1Q21	2Q21	3Q21 QTD
percentyear-over-Yearchange	0%							percentyear-over-Yearchange
(25)%
	(50)%
	(75)%
				Americas
			4Q20	1Q21	2Q21	3Q21 QTD
change	0%							change
percent	(25)%							percent
over-Year-year	(50)%							over-Year-year
	(75)%

Asia

4Q20

1Q21

2Q21

3Q21 QTD

25%

0%

(25)%

(50)%

EMEA

4Q20

1Q21

2Q21

3Q21 QTD

0%

(25)%

(50)%

(75)%

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Note: 3Q21 QTD sales through October 31, 2020

LIQUIDITY AND NET DEBT

Liquidity	Net Debt
	$1.89B
	$1.59B	$1.56B	$1.54B
$1.14B	$1.17B

$0.9B

$0.7B

3Q20

4Q20

1Q21

2Q21

3Q20

4Q20

1Q21

2Q21

Liquidity = Cash and availability on revolver

Net Debt = Total Debt less Cash and Cash Equivalents	5

• Sequential revenue improvement in 2Q21, with global retail sales increasing mid-single-digits
• E-commercesales up triple digits
• High single digit retail sales growth in Mainland China
• Strong double digit retail sales growth in North America
• Accessories gaining traction
• Particular strength in Menswear
• Global database +20% year-over-year to 3M

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Note: Retail sales include Versace for the three months ended September 26, 2020

• Sequential revenue improvement in 2Q21
• E-commercesales up triple digits
• Strong double digit retail sales growth in Mainland China
• Low single digit retail sales growth in North America
• Extremely successful collaboration launch of Jimmy Choo x Timberland
• Global database +22% year-over-year to over 3M

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• Sequential revenue improvement in 2Q21
• E-commerceimproved sequentially with sales up strong double digits
• High single digit retail sales growth in Mainland China
• Signature penetration in accessories expanded to ~40%
• Gross margin expansion primarily driven by higher AUR
• Global database +16% year-over-year to 46M

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SAFE HARBOR STATEMENT

This presentation contai ns statements which are, or may be deemed to be, "forward-looking statements." Forward-looking statements are prospecti ve in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdings Li mited (the "Company") about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included herei n, may be forward-looking statements. Wi thout limitation, any statements preceded or followed by or that i nclude the words "plans", "believes", "expects", "intends", "wi ll", "should", "could", "would", "may", "anticipates", "might" or simi lar words or phrases, are forward-looking statements. These forward- looking statements are not guarantees of future fi nancial performance. Such forward-looking statements i nvolve known and unknown risks and uncertai nties that could signi ficantly affect expected results and are based on certai n key assumptions, which could cause actual results to differ materially from those projected or implied i n any forward-looki ng statements. These risks, uncertai nties and other factors include the effect of the COVID-19 pandemic and its potential material and significant impact on the Company's future fi nancial and operational results if retail stores are forced to close again and the pandemic is prolonged, includi ng that our estimates could materially differ if the severity of the COVID -19 situation worsens, the length and severity of such outbreak across the globe and the pace of recovery followi ng the COVID -19 pandemic, levels of cash flow and future avai lability of credit, compliance with restrictive covenants under the Company's credit agreement, the Company's abi lity to integrate successfully and to achieve anticipated benefi ts of any acquisition; the risk of disruptions to the Company's businesses; the negati ve effects of events on the market price of the Company's ordi nary shares and its operati ng results; significant transaction costs; unknown liabilities; the risk of li tigation and/or regulatory actions related to the Company's busi nesses; fluctuations i n demand for the Company's products; levels of i ndebtedness (includi ng the i ndebtedness i ncurred in connection with acquisitions); the timi ng and scope of future share buybacks, which may be made in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, trading restrictions under the Company's insider tradi ng policy and other relevant factors, and which share repurchases may be suspended or disconti nued at any time, the level of other investi ng activi ties and uses of cash; changes i n consumer traffic and retail trends; loss of market share and industry competi tion; fluctuations i n the capital markets; fluctuations in i nterest and exchange rates; the occurrence of unforeseen epidemics and pandemics, disasters or catastrophes; political or economic instability i n principal markets; adverse outcomes in litigation; and general, local and global economic, political, busi ness and market conditions, as well as those risks set forth i n the Company's fili ngs with the U.S. Securities and Exchange Commission, includi ng the C ompany's Annual Report on Form 10-K for the fiscal year ended March 28, 2020 (File No. 001-35368). Any forward-looking statement in this press release speaks only as of the date made and the Company disclai ms any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

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