Michael Kors is an American fashion brand, founded by designer Michael Kors more than 30 years ago in New York. It provides simple but stylish design. It is famous for precious materials, cashmere knitwear and luxury sportswear.
The brand offers two collections: the Michael Kors luxury collection and the MICHAEL Michael Kors accessible luxury collection. The Michael Kors collection is publicized by semi-annual runway shows. Lots of celebrities wear its ready-to-wear clothes for carpets or events, like supermodels Miranda Kerr and Alessandra Ambrosio. Besides apparel, this collection also offers handbags and accessories made from high quality leathers.
The MICHAEL Michael Kors collection is targeting younger consumers’ demand for accessible luxury products. The design is more practical and simple and the price is more reasonable. This collection focuses more on shoes and apparel which are less expensive than the other collection. For example, the price of this collection’s dress ranges from $84 to $325. In the Michael Kors collection, the price ranges from $795 to $4995.
Michael Kors was not as popular as it is now in 1980s. However, with the popularity of Grunge style, the practical but luxurious brand met it first big growth. Its good performance in the market draws the attention of LVMH, the French luxury good group. Now Michael Kors is under LVMH. Mr. Kors was appointed as chief designer of Celine, a very famous French luxury brand.
Michael Kors grows in a fast speed since going public at the end of 2011. For example, according to luxe.co, in 2013, the revenue ups 59%. on February 4, the stock price went up 17% as the annual report of 2013 was publicized. Like most luxury brands, Kors benefits from three major strengths: appeal, availability, and pricing power. By Dec 28, 2013, there are 395 Michael Kors company run stores in the world and 138 licensed stores.
Mr. Kors, the founding designer, now has more than 1 billion assets because of 2% stock shares and other properties. He is a “practical dreamer” who designs clothes for practical but fashionable women. He has a famous saying like this: it’s not a crime that luxury brands offer clothes which people can wear them out, instead of just walking on red carpets. Mr. Kors has received a number of awards, including the CFDA Women’s Fashion Designer of the Year (1999), the CFDA Men’s Fashion Designer of the Year (2003), the ACE Accessory Designer of the Year (2006) and the CFDA Lifetime Achievement Award (2010).
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