Capri Holdings struggles with sales and leadership despite low valuation, raising doubts about a turnaround.

Capri Holdings, owner of Michael Kors and Jimmy Choo, trades at seemingly low valuation multiples, but these are distorted by complex currency hedges. The company faces ongoing challenges with declining sales, especially as Michael Kors' strategy to cut promotions has yet to improve performance. Jimmy Choo shows some recovery but not enough to offset concerns. Market confidence remains low due to persistent execution and leadership issues, though a successful turnaround could unlock value.