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Luxury brand Michael Kors announces closure of over 100 stores

US-based global luxury lifestyle brand Michael Kors Holdings Limited has announced closure of more than 100 of its full-price retail stores over the next two years. As on April 1, 2017, the company operated 827 retail stores, including concessions, compared to 668 retail stores, including concessions, at the end of the same prior-year period. It had 133 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 960 Michael Kors stores […]

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Revenue declines for Michael Kors in fourth quarter

US-based global luxury lifestyle brand Michael Kors Holdings Limited has announced results for the fourth quarter ended April 1, 2017. During the quarter under review, total revenue of the fashion retailer decreased 11.2 per cent to US $ 1.06 billion from US $ 1.20 billion in the fourth quarter of fiscal 2016. In the reporting quarter, retail net sales increased by 7.4 to per cent US $ 2.57 billion. Comparable sales decreased 8.3 per cent. […]

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Michael Kors hires new man to lead finances

American luxury accessories and ready-to-wear fashion house, Michael Kors has announced the appointment of Thomas J. Edwards, Jr. as their new Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer who will join the company immediately. Edwards is succeeding Joseph B. Parsons who has been with the company for 13 years. Parsons will continue in his position till the expiration of his contract on August 1, 2017 and plans to retire after the […]

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Michael Kors’ Q3 revenue tumbles 3.2%

US-based global luxury lifestyle brand Michael Kors Holdings Limited has announced results for its third quarter ended December 31, 2016. In the period under review, the retailer’s revenue decreased 3.2 per cent to US $ 1.35 billion from US $ 1.40 billion in the third quarter of prior fiscal. On a constant currency basis, total revenue dropped 2.6 per cent. As per the company’s release, retail net sales during the reporting quarter increased 9.2 per […]

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Print Direction S/S ’17

Whether you prefer the classics like the stripes or florals or more experimentative prints such as abstract and geometrics, the Spring/Summer 2017 print trends have a fresh approach to each one that invokes a sense of novelty and unconventionality. Stripes are a definite yes as umpteen number of designers and exporters widely adopt this trend for the Spring/Summer 2017 season. Florals took to a more abstractly soft, watercolour note with ink splashes following suit in […]

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Tata CLiQ enters luxury market with international brands

Tata Group’s e-commerce portal, Tata CLiQ has entered the luxury market by collaborating with Genesis Luxury, an Indian marketing and distribution partner for luxury and high-fashion brands on its online marketplace. Tata CLiQ’s luxury platform will have brands like Michael Kors, Furla, Coach, Hugo Boss and Armani Jeans. Burberry and Jimmy Choo are also in the offing and will be added in the next three months. The platform will deliver to 4,500 PIN codes across […]

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Michael Kors unveils Q2 and H1 results

Michael Kors, an American luxury fashion company, has announced its financial results for the second quarter and first half for the fiscal year 2017 ended October 1, 2016. The company’s total revenue dropped 3.7 per cent to US $ 1.09 billion as against US $ 1.13 billion in the corresponding period last year. In the period under review, the company’s retail net sales zoomed 12.1 per cent to US $ 597.2 million driven primarily by 198 net new store openings. Gross profit […]

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Michael Kors expanding digital reach in Europe

Michael Kors, an American luxury fashion company, is increasing the availability of its products online by expanding its digital reach in Europe. “The website has been designed keeping our customers in mind, but also for our partners. It will support our joint development and will make your approach easier. On it you will find information about our products as well as all of the brand’s news,” stated Michael Kors in a press release. Until now, […]

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Michael Kors acquires Greater China licensee

Fashion retailer Michael Kors has completed the acquisition of Michael Kors (HK) Limited, the exclusive licensee of the company in China and certain other jurisdictions in Asia, for US $ 500 million in cash. As per the company release, the acquisition was approved by the independent members of board of directors, upon recommendation of a Special Committee, comprised of solely independent directors, which was responsible for evaluating the terms of the acquisition. “We are very […]

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Michael Kors reveals Q4 and Fiscal 2016 results

American fashion retailer Michael Kors has unveiled its financial results for the fourth quarter and fiscal year ended April 2, 2016. In the fourth quarter, total revenue of the company surged 10.9 per cent to US $ 1.2 billion from US $ 1.1 billion last year; on a constant currency basis, total revenue rose 11.7 per cent. As per the company release, retail net sales in the reporting quarter zoomed 22 per cent to US […]

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Michael Kors unwraps holiday quarter results

Michael Kors Holdings Ltd. has released its holiday quarter results. While many retail giants reported a tough holiday season this time, Michael Kors noted much ‘smaller-than-expected’ dip in sales at established stores during the period, backed by strong demand for high-end accessories and footwear. Also Read – Stage Stores reports low sales this Holiday Season The brand’s sales at established stores dived only 0.9 per cent in the third quarter ended on December 26, 2015. […]

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