Shares in Capri Holdings, the company behind Michael Kors and other luxury brands, tumbled the most in almost seven months after it trimmed its sales projection for the year amid foreign currency weakness and lower wholesale revenue.

Luxury shoemaker Jimmy Choo, which is being bought by US retailer Michael Kors, yesterday said its pre-tax profit for the half year almost tripled, helped by its retail and licensing businesses.

Luxury shoe brand Jimmy Choo is to be acquired by US fashion brand Michael Kors in a €1bn deal.