Michael Kors has built arguably the next great American fashion house, a $15.5 billion global power in the American tradition of Calvin Klein and Donna Karan. As of last November, the brand had another rocking quarter, with revenue up 39% and same-store sales up 23%. Since the company went public in 2011, its share price has tripled. Between 2010 and 2013, annual revenue quadrupled to around $2 billion.
The designer’s recipe: Keep his cred with the Anna Wintours of the world while selling clothes and accessories at price points for the average gal (and guy). Kors goods, much of it priced between $200 and $400, represent a new kind of accessible luxury.
Although women’s products are the cash cow, the men’s category is growing rapidly, a shift the company is encouraging in its new flagship store in Soho its largest store anywhere. Men’s wear will make up about a third of the 17,000-square-foot space.
Kors now operates 400-plus stores in 89 countries. The vast majority are in the U.S., but the company is increasing its global footprint to cash in on a growing brand awareness. Although Europe represents a major focus, the company is going after new markets as well. Last fall, it opened its first stores in India and Brazil.