Capri Holdings, the parent company of Michael Kors, announced that Thomas J Edwards, Jr, Chief Financial Officer, and Chief Operating Officer, will step down from his roles on June 20, to pursue other opportunities. The group has begun the search for his successor. During the transition, Rajal Mehta has been appointed interim CFO. Mehta has been with the company since 2008 and brings extensive financial experience across corporate, retail, and wholesale operations. The announcement comes amid reports that Prada Group is nearing completion of a deal to acquire Versace from Capri for approximately 1.5 billion euros ($1.63 billion).