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FASHION: Michael Kors Is Now Part Of The Billionaire Club



ITS OFFICIAL!


Michael Kors is officially killing it. Revenue rose 59 percent in the third quarter, which ended Dec. 28, coming out to a total of $1 billion. That compares to $636.8 million in revenue for the same quarter the year prior.

According to Forbes, this has made Kors himself a billionaire (he is the third shareholder to reach that personal benchmark, thanks to Michael Kors Holdings). Stocks jumped nearly 20 percent after the company's earnings call Tuesday morning.

In North America, revenue increased 51 percent, largely due to accessories and watch offerings, while Europe saw growth of 144 percent for the quarter. The brand attributes that to grow brand awareness.



Sidebar: I have to say that I'm noticing Michael Kors is taking a step in the Coach lane. I hate to sound saddity or snobbish, but the "exclusivity" of the Michael Kors brand has ended. There is not really a place you can go now-a-days without seeing 5 out of 10 people sporting a metallic Michael Kors Jetset Tote or the ever so popular Michael Kors Runway watch in a variety of metals. Not to mention most of his bag designs are slight replicas of other designer bags. Where will he go from here?

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