5 Best Fashion Stocks To Buy Now

3. Capri Holdings Limited (NYSE:CPRI)

Number of Hedge Fund Shareholders: 44

Hedge fund ownership of Capri Holdings Limited (NYSE:CPRI) has remained relatively stable over the last five years, save for a steep decline during the first half of 2020 that was quickly negated. David Einhorn’s Greenlight Capital, which has been preparing its portfolio for a possible recession, has been buying shares of CPRI throughout much of the past four quarters, increasing the size of its stake from 606,000 to 988,500 shares during that time.

Capri Holdings Limited (NYSE:CPRI) looks like a rather compelling value stock, which likely explains the stability of hedge fund ownership. Its shares currently trade at just 7.9x forward earnings and 1.44x sales. Its shares have been trending up over the past few weeks after the company topped sales estimates with its fiscal Q2 results, though it also trimmed about $100 million off its full fiscal year projections.

Capri Holdings Limited (NYSE:CPRI), which manages the luxury brands Michael Kors, Versace, and Jimmy Choo, has enjoyed surprising strength in Europe, but expects consumer weakness to prevail in 2023, which likely explains its reduced guidance. The company’s Chairman and CEO John Idol anticipates European consumer sentiment weakening considerably and is also concerned about how North American consumers will be positioned by the second half of next year.