Michael Kors

Summary

What began as a young boy’s fascination with fashion is now a globally-renowned American apparel, accessories and footwear conglomerate- Michael Kors Holdings Limited <now renamed Capri Holdings Limited> – which has acquired luxury fashion brands Jimmy Choo and Versace. Kors has also been the recipient of several prolific fashion industry awards and has also been honored for his philanthropy. Capri Holdings limited has very recently been acquired by Tapestry which owns Coach and Kate Spade.

History

American fashion designer Michael Kors is acclaimed for his sports-luxe design aesthetic and his philanthropy.

Michael Kors’ growth in Fashion is an inspiring entrepreneurial story. His  interest in fashion began at a young age when he opened his own boutique “Iron Butterfly”. In 1977 he enrolled himself at the Fashion Institute of Technology in New York but left in nine months when he was offered the opportunity to sell his own designs at New York-based shop Lothars. Shortly, Dawn Mello- fashion director at Bergdorf’s, began taking a keen interest in Kors and showed his collection to to the buyers at Bergdorf Goodman.

There was no looking back. Within three years Kors’ collections were stocked in Saks Fifth Avenue, Neiman Marcus and Bloomingdales. Celebrities who dressed in Kors’ designs include Nicole Kidman, Reese Witherspoon, Blake Lively, Kate Hudson, Taylor Swift, Kate Middleton, Hillary Clinton, Angelina Jolie, Jennifer Lopez, Vice President Kamala Harris, Catherine Zeta-Jones and Michelle Obama.

Sadly though in 1990 the company filed for bankruptcy and Michael Kors moved on and became Creative Director of “Celine” where he transformed the LVMH-owned fashion house with successful ready-to-wear and accessories lines. LVMH acquired 33 per cent stake in Michael Kors. That year he was named “CDFA Womenswear Designer of the Year”. In 2002 Kors launched his menswear line and was honoured with the title: “CFDA Menswear Designer of the Year”. He left Celine the following year to concentrate on his eponymous brand through holding company Michael Kors Holdings Limited- relaunched with a reported $100m investment from Sportswear Holdings Limited which bought out all previous investors including LVMH.

Michael Kors women’s ready-to-wear and accessories was launched in 2004. In one of his biggest achievements, the designer was honoured with CFDA Geoffrey Beene Lifetime Achievement Award — its youngest recipient — and was named in Time magazine’s annual list of the hundred most influential people- in 2013. Pretty soon Michael Kors stores were operating in New York, Los Angeles, Chicago, London, Milan, Paris, Munich, Dubai, Seoul, Tokyo, Hong Kong, Shanghai, and Rio de Janeiro. Michael Kors also operates digital flagships across North America, Europe and Asia, offering a seamless omnichannel experience.

In July 2017 Michael Kors Holdings Limited bought Jimmy Choo Ltd for reported £897 million and on January 2, 2019 changed its name to Capri Holdings Limited. The multinational fashion holding company acquired Versace for reported 1.83 billion euros. John D. Idol, Chairman and CEO, stated in a company release: “With the acquisition of Versace, we have now created one of the leading global fashion luxury groups in the world…”

However- per WWD- “Michael Kors slipped off the board of Capri Holdings — the company that started with his namesake brand and has now expanded with the acquisitions of Jimmy Choo and Versace. The move was revealed in a filing with the Securities and Exchange Commission… ‘Consistent with this strategy…Mr. Michael Kors decided that effective March 29 2019 he will no longer serve as a director or executive officer of Capri Holdings’ the filing continued.” He however continues to focus on his own luxury label.

In the most recent news Tapestry – a house of iconic accessories and lifestyle brands consisting of Coach- Kate Spade- and Stuart Weitzman – will acquire Capri Holdings in a reported $8.5 billion deal. It brings together six fashion brands: Coach- Kate Spade- Stuart Weitzman- Versace- Jimmy Choo and Michael Kors. The combined company generated global annual sales in excess of $12 billion with a presence in over 75 countries and achieved nearly $2 billion in adjusted operating profit in the prior fiscal year.

Vision

Michael Kors envisions a world where luxury is accessible, versatile, and resonates with contemporary lifestyles. The brand focuses on creating timeless designs that blend sophistication with everyday functionality, appealing to individuals who value both style and practicality. This vision underscores a commitment to providing high-quality products that empower consumers to express their personal style effortlessly.

The luxury fashion brand’s philosophy revolves around embracing modern trends while staying rooted in classic aesthetics. Michael Kors consistently strives to bridge the gap between affordability and exclusivity, offering an array of fashion items that cater to diverse tastes and needs. This inclusive approach reflects the brand’s dedication to making luxury attainable for a global audience while maintaining its signature elegance.

Michael Kors also prioritises sustainability and innovation as integral to its vision. The brand aims to reduce its environmental footprint by incorporating eco-friendly practices and materials into its operations and collections. By aligning its business goals with responsible fashion, Michael Kors aspires to redefine luxury as a balance of sophistication, accessibility, and social consciousness, ensuring relevance in the evolving fashion landscape.

Mission Statement

Michael Kors is a globally recognized luxury fashion brand dedicated to delivering timeless style and sophisticated designs. The company’s mission is to inspire confidence and self-expression by offering high-quality apparel, accessories, and fragrances that blend contemporary trends with classic elegance. By focusing on superior craftsmanship, innovative designs, and attention to detail, Michael Kors aims to empower its customers to showcase their individuality through versatile and chic fashion pieces. The brand prides itself on its commitment to accessibility, ensuring that luxury is not confined to exclusivity but available to a broad spectrum of discerning fashion enthusiasts.

Aligned with its mission, Michael Kors continually pushes the boundaries of modern luxury while maintaining a strong focus on sustainability and corporate responsibility. The brand recognizes the importance of contributing to a better world by integrating environmentally conscious practices into its operations and supporting philanthropic initiatives globally. Whether through its support for charitable causes or its efforts to minimize environmental impact, Michael Kors is devoted to making a positive difference while upholding its vision of creating enduring, stylish designs that resonate with customers worldwide.

Products and Services

Michael Kors offers a diverse range of luxury products that cater to the style and functionality needs of its global clientele. The brand’s portfolio includes clothing, handbags, footwear, watches, jewelry, and accessories, all designed with a perfect balance of sophistication and versatility. Each product reflects the brand’s commitment to quality craftsmanship and cutting-edge fashion, ensuring that customers receive pieces that are both timeless and trendy. The Michael Kors Collection, the pinnacle of the brand’s offerings, epitomizes high-end luxury, while the MICHAEL Michael Kors line offers more accessible, everyday fashion staples. In addition to these, the brand provides fragrances that capture the essence of its elegant yet approachable aesthetic.

Beyond products, Michael Kors also offers personalized services to enhance the customer experience. From in-store styling sessions to virtual consultations, the brand ensures that its clients receive tailored recommendations that align with their preferences and needs. Additionally, Michael Kors’ extensive e-commerce platform provides a seamless shopping experience with features like customization options and rapid delivery services. The brand also maintains a strong focus on customer engagement through loyalty programs and exclusive events, solidifying its reputation as a leader in the luxury fashion industry. By integrating world-class products with exceptional services, Michael Kors continues to inspire and connect with its customers worldwide.

Leadership Team

Awards and Recognition

Michael Kors has achieved widespread recognition as one of the leading names in the global fashion industry, celebrated for its sophisticated designs and iconic aesthetic. The brand’s consistent presence on runways and red carpets has solidified its status as a go-to label for luxury fashion. Renowned celebrities, influencers, and public figures frequently endorse Michael Kors, further elevating its prestige and desirability. Over the years, the brand has received numerous accolades, including design awards and industry honors, for its innovative contributions to fashion. Michael Kors himself, the visionary behind the brand, has been lauded as one of the most influential designers of his generation, earning awards such as the CFDA Lifetime Achievement Award.

In addition to industry recognition, Michael Kors has also been acknowledged for its philanthropic efforts and commitment to sustainability. The brand’s partnership with the United Nations World Food Programme through its “Watch Hunger Stop” initiative has garnered global acclaim, demonstrating its dedication to using its platform for social good. Michael Kors’ sustainability practices, including eco-friendly packaging and efforts to reduce its environmental footprint, have further enhanced its reputation as a forward-thinking and responsible luxury brand. These recognitions not only reflect the brand’s influence in the fashion world but also its role as a socially conscious and impactful entity.

References

• Official website Michael Kors
• Michael Kors: American Idol Harpers Bazaar
• Michael Kors Vogue
• The new American conglomerate: Why Tapestry acquired Capri Vogue Business
• LinkedIn page of Michael Kors LinkedIn
• Michael Kors is fashion’s newest billionaire Forbes
• Tapestry to acquire Capri Holdings for $8.5 billion CNBC
• Facebook page of Michael Kors Facebook
• Michael Kors Steps Back From Capri Board WWD
• Michael Kors protects brand reputation in Costco lawsuit Luxury Daily
• Youtube channel of Michael Kors Youtube
• Michael Kors’ company suing Costco claiming false advertising ABC2News
• Wiki page of Capri Holdings Wikipedia
• Mrs. Obama in Kors NY Times
• Pintrest page of Michael Kors Pintrest
• Twitter page of Michael Kors Twitter
• History of Michael Kors Michael Kors
• Instagram page of Michael Kors Instagram
• Designer Michael Kors marries longtime partner CBS
• Tapestry acquires Capri Holdings CNBC