Description
Capri Holdings Limited (formerly Michael Kors Holdings Limited) is a multinational fashion holding company, incorporated in the British Virgin Islands, with executive offices in London and operational offices in New York. It was founded in 1981 by American designer Michael Kors. The company sells clothes, shoes, watches, handbags, and other accessories. Michael Kors handbags have been a popular fashion trend among women of all ages. In 2015, the company had more than 550 stores and over 1500 in-store boutiques in various countries.
History
Noticing the displays and garments, Bergdorf's fashion director Dawn Mello asked if he would show his collection to Bergdorf Goodman's buyers. In 1981, Kors launched his Michael Kors women's label at Bergdorf Goodman. In 1990, the company launched KORS Michael Kors as a licensee.
In 1993, the company was forced into a Chapter 11 filing, caused by the closure of the licensing partner for KORS Michael Kors. Putting the KORS line on hold, he designed for other labels before relaunching in 1997 with a lower-priced line, and in the same year was named the first women's ready-to-wear designer for French house Celine.
In 2002, Kors launched his menswear line. Kors left Celine in October 2003 to concentrate on his own brand via holding company Michael Kors Holdings Limited (MKH Ltd), relaunched with a majority $100M investment from Canadian fashion investor Lawrence Stroll and his Hong Kong-based partner Silas Chou, who had previously purchased Tommy Hilfiger in 1989. John D. Idol was subsequently appointed CEO of the company, with a shareholding interest. The MICHAEL Michael Kors line was launched in 2004, which included women's handbags and shoes as well as women's ready-to-wear apparel.
In 2011, Stroll and Chou led an initial public offering in MKH Ltd on to the New York Stock Exchange, making them and Michael Kors billionaires. In June 2018, Chou sold the last of his investment in Kors.
Operations
By 2014, the annual revenue for the company was $3.2 billion, with a net income of $670 million. By April 2017, the company had 827 full-price or outlet stores and 133 licensed stores. Since 2017, the company said that it would no longer use animal fur in any of its products. In 2018, Michael Kors announced two new stores, one in Waterloo, New York, as well as the Fairview Park Mall in Kitchener, Ontario.
