Yay! for handbags, boots and leather. You really shouldn’t have, Michael. But, while we are on the topic let’s take a quick glance at this quilted-leather-knee-high boot, valued at 375 dollars, now for half the price.
And those aren’t the only goodies you can find at Michael Kors for a significantly lower price. Much of the designers “camouflaged collection” is swiftly finding a spot on the sale rack. This month department stores that carry the brand, like Nordstrom and Macy’s have cut designers merchandise by placing it on super sales.
So…why all the sales? And why now? This doesn’t make any sense?!
Well, it all began back in September when two of the company’s founding investors decided to sell their shares. The private equity firm, Sportswear Holdings, based in Hong-Kong had a 5.7% stake in the company. Which they sold as a “secondary public offering”, meaning Michael Kors will not see anything from the billion dollar sale. The owners, Lawrence stroll and Silas Chou sat on the board of directors for Michale Kors. Following the announcement of the sale they resigned from their seats. Michael Kors had this to say following the sale;
“On behalf of Michal, myself and our entire board, I would like to thank Lawrence and Silas for their significant contribution’s to our success.”