5 Best Clothing Stocks To Buy Now

4. Capri Holdings Limited (NYSE:CPRI)

Number of Hedge Fund Holders: 46

Capri Holdings Limited (NYSE:CPRI) is a New York-based fashion holding company with luxury brands like Jimmy Choo, Michael Kors, and Versace under its umbrella.

In a research note issued on September 16, Matthew Boss at JPMorgan increased the target price for Capri Holdings Limited (NYSE:CPRI) from $65 to $72 and reiterated an Overweight rating on the stock. According to economists, the US economy is heading towards a recession, and in the past, luxury fashion stocks like Capri Holdings Limited (NYSE:CPRI) have performed well in a recession. This is because the purchasing power of the higher income groups is not as impacted by the inflationary pressures as that of the lower income groups. During the 2008 recession, luxury brands barely saw a decline in sales.

Of the 895 hedge funds tracked by Insider Monkey at the end of Q2 2022, 46 funds held a stake in Capri Holdings Limited (NYSE:CPRI). Rima Senvest Management was the leading hedge fund investor in the company.