Five things to know about Michael Kors

March 22, 2019 0 By HearthstoneYarns

Global fashion giant Michael Kors announced
Tuesday that it had agreed to buy Versace, signaling an intention to move
deeper into the international big league after snapping up shoemaker Jimmy
Choo last year.

The company, rooted in iconic American fashion, but headquartered in
London, will pay 1.6 billion GBP for the Italian luxury giant, a statement said.
Here are five things to know about Michael Kors:

Mr Kors

The creative vision is Michael Kors, the Long Island born creative director
who founded the label in 1981 after dropping out of fashion school.
He has flirted with billionaire status and is still supremely wealthy. For
10 years, he was a judge on television show “Project Runway,” where his
acerbic commentary brought him nationwide fame.
From 1997 to 2004, he was women’s ready-to-wear designer at French fashion
house Celine.

New York state of mind

The company might be officially headquartered in London, but the label is
quintessentially American in design, outlook and spirit.
Michael Kors New York fashion week shows are strictly A-list, welcoming the
likes of Nicole Kidman, Catherine Zeta-Jones and Blake Lively.

His clean, urban silhouette has dressed the likes of Michelle Obama, such
as the famous sleeveless shift in her first official portrait as first lady —
and Melania Trump.

Troubled waters

As a business enterprise, the company has had its ups and downs. In 1993
was forced to file for bankruptcy protection after having lost the support of
investors.

But with the help of an initial investment from LVMH, where he was creative
director at Celine, he relaunched and got back on track.

Mass appeal

The American fashion entrepreneurial spirit is commercial — lifestyle
brands set at a price point attainable for the aspirational and well marketed.
Like its main American rival Coach, which has now been rolled into company
Tapestry, Michael Kors is high-end but not at the level of luxury as Versace.
MK bags are popular with working women, selling for between 150 GBP to 455 GBP.
Much of its mass appeal comes from its accessories — bags, glasses, footwear
and scent.

Comeback kid

John Idol joined Michael Kors in 2003 and has been instrumental in its turn
around, becoming chairman in 2011, the year the company went public on the New
York Stock Exchange.

It has presided over an aggressive expansion, before being forced to
retrench over falling sales and in 2017 announce the closure of 125 stores.
Announcing its first quarter fiscal 2019 results in August, the company
estimated total revenue for the year at 3.9 billion GBP, including
440-447 GBP from
Jimmy Choo, compared to 3.5 billion GBP in 2017 and 600 million GBP in 2011.

By late June, the company has 1,000 Michael Kors locations around
the world
and more than 252 Jimmy Choo outlets.(AFP)

Photos: Michael Kors, SS17, Facebook