(Reuters) – Michael Kors’ owner Capri Holdings (NYSE) Ltd increased its full-year revenues and profit projections Wednesday as the company enjoys a surge in luxury apparel and handbags in Europe and the United States.

The shares of Versace, which is also owned by Jimmy Choo and Jimmy Choo, rose 5.7% during premarket trading.

Capri’s higher-than-expected sales follow similar European reports from LVMH, Burberry and Prada (OTC), which show a strong rebound following the worst troughs in the COVID-19 epidemic. These results are due to a need among cooped consumers to pamper themselves with expensive fashion.

Due to higher prices and fewer promotional offers, the company’s total revenues rose by 24% to $1.61 Billion in the quarter that ended December 25, which was 24% more than it earned during its first quarter. Refinitiv data shows that analysts estimated revenue at $1.47 billion.

Capri’s forecast for fiscal 2022 revenues of $5.56 Billion is now compared to its previous estimate of $5.4 Billion. From its previous estimate of $5.30 per shares, Capri raised its forecasted full-year profit per stock to $6.

Additionally, fiscal 2023 revenues were projected at $6.1 Billion by the company. That’s higher than analyst estimates of $5.97 Billion.