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

With the company’s heritage rooted in iconic designs with a glamorous aesthetic that combines elegance and a sporty attitude.. Michael Kors envisions bringing a sophisticated jet set lifestyle to women and men around the globe.

Mission Statement

“With the company’s heritage rooted in iconic designs with a glamorous aesthetic that combines stylish elegance and sporty attitude, our mission is to bring a sophisticated jet set lifestyle to women and men around the globe.”

Products and Services

Men’s and women’s ready-to-wear, accessories, watches, jewelry, footwear and fragrance.

Leadership Team

Awards and Recognition

2013: Selected for The Time 100, the magazine’s annual list of the 100 most influential people in the world.
2013: Honored with the 2013 Couture Council Award for Artistry of Fashion by The Couture Council of The Museum at the Fashion Institute of Technology.
2012: Honored with the Golden Heart Lifetime Achievement Award by God’s Love We Deliver, a non-profit organization that distributes fresh meals to people living with HIV/AIDS.
2010: Kors was the youngest recipient ever of the Geoffrey Beene Lifetime Achievement Award from the Council of Fashion Designers of America (CFDA) and received the Fragrance Foundation’s FiFi Award for Lifetime Achievement.
2002: CFDA Menswear Designer of the Year.
1990: CDFA Womenswear Designer of the Year.

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