The Capri Holdings Foundation for the Advancement of Diversity in Fashion, established earlier this year by Capri Holdings Limited (NYSE:CPRI), is proud to announce an expansive new scholarship program in partnership with the Fashion Institute of Technology (FIT), Howard University, PENSOLE Academy and Central Saint Martins – University of the Arts London. Over the next four years, the foundation will fund scholarships for nearly 100 students from historically underrepresented communities, including the BIPOC (Black, Indigenous, and people of color) community, who are pursuing degrees in fashion and merchandising across all four institutions.

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The effort is part of the company’s $20 million pledge to advance equality and promote long-term change in the fashion industry. During the multiyear partnership, in addition to covering tuition, room and board, the scholarships will also fund internship-related expenses for students obtaining internships within the fashion industry.

Capri Holdings has long believed in the power of an inclusive workplace and is committed to furthering workforce diversity by working collaboratively with colleges and high schools to create meaningful opportunities in fashion for individuals from a wide range of background. Through the development of on-campus recruitment, mentorship and scholarship programs, the foundation looks to position the next generation of talent and prepare students for successful careers in fashion.

“Our brands are deeply committed to helping students of all backgrounds have greater educational opportunities and real-world experiences,” said John D. Idol, Chairman and Chief Executive Officer of Capri Holdings. “These scholarships aren’t just designed to ease students’ financial pressures, they are also part of a larger effort to help remove systemic roadblocks and increase opportunities for racially and ethnically diverse students within the fashion industry.”

​“The power of education and opportunities for career development and advancement are the lifecycle changes that will transform the lives of BIPOC youth,” said Dr. Joyce F. Brown, President of the Fashion Institute of Technology. “We are deeply grateful to Capri for recognizing FIT's focus on these very issues and for their generous support.”

“Thank you to Capri Holdings for this opportunity that is being afforded to Howard University students. The fashion design program was initiated in the Fall of 2011 with the goal of preparing the next generation of artist-scholars and designers for careers in fashion design and related industries,” said Phylicia Rashad, Dean of the Chadwick A. Boseman College of Fine Arts at Howard University. “While our interdisciplinary program focuses specifically on critical elements of forecasting, production, evaluation, branding, and sustainability of textiles, apparel, and home furnishings in a global marketplace, we are committed to nurturing socially conscious leaders who can visually and verbally articulate their ideas and compete locally, nationally, and globally. Without a doubt, our partners are essential in our efforts to meet the needs of the students as well as industry demands.”

“I am truly humbled that the Capri Holdings Foundation believes in our vision to diversify the industry by making it more accessible for those who may have never imagined that they could pursue design as a career,” said D'Wayne Edwards, Founder of PENSOLE Academy. “This partnership will inspire thousands of consumers to become creators and will bring forth future leaders that will redefine our industry. Thank you, Capri Holdings Foundation, for providing our students the opportunity to redesign their lives.”

“We are incredibly grateful to the Capri Holdings Foundation for developing a scholarship program that will support the next generation of fashion leaders from underrepresented communities,” said Jeremy Till, Head of Central Saint Martins and Pro-Vice Chancellor of University of the Arts London. “The support will open up opportunities for talented students from diverse backgrounds who might otherwise not be able to engage fully with an education in fashion. This generous gift from the Capri Holdings Foundation will sustain and engage students throughout the full duration of their study and I look forward to seeing how these promising individuals develop during their time at Central Saint Martins and beyond.”

For more information on Capri Holdings’ commitment to diversity and inclusion, visit “Diversity & Inclusion” at http://www.capriholdings.com/DiversityInclusion.

About Capri Holdings Limited

Capri Holdings Limited is a global fashion luxury group, consisting of iconic brands that are industry leaders in design, style and craftsmanship. Its brands cover the full spectrum of fashion luxury categories including women’s and men’s accessories, footwear and ready-to-wear as well as wearable technology, watches, jewelry, eyewear and a full line of fragrance products. The Company’s goal is to continue to extend the global reach of its brands while ensuring that they maintain their independence and exclusive DNA. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

Forward Looking Statements

This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdings Limited (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 in this press release may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors are set forth in the reports that the Company files from time to time with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended March 27, 2021 (File No. 001-35368). Any forward-looking statement in this press release speaks only as of the date made and the Company disclaims 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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