Luxury designer and retailer Michael Kors boasted an enormous profit increase for their fourth quarter sales. Their sales more than doubled from last years earnings, jumping 57.1 percent.
For the three months preceding the report, their sales skyrocketed to $101.1 million, which is a meteoritic rise from last year's report of $43.6 million. This increase in revenue comes at the heels of a decade of brand management and inking some very important licensing agreements.
These agreements include time pieces with Fossil, eyewear with Marchon Eyewear, swimwear with Warnaco Swimwear, and socks with American Essentials. This has drastically expanded their market share and increased their popularity.
This increase in popularity is in an interesting demographic: teens. Michael Kors has made its way into niche of moderately affordable luxury bags and clothes that companies like Coach have dominated for years.
Michael Kors, born Karl Anderson Jr., created the company in 1981, initially only a womenswear company. He partnered with retailers and department stores like Bloomingdales, Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman.
In 2004, Michael Kors launched MICHAEL, a subsection of the larger designer that was intended to be more affordable and to meet the demand for accessible luxury goods. With this launch, 350 stores were opened in North America, solidifying their foothold on the fashion world and setting the stage for their current success.
We at MyDROBE love a good fashion success story. If you'd like to add to that revenue increase, you can check out some of their products below.
With Style,
Your MyDROBE Team
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