Michael Kors interested in further luxury acquisitions
31/05/2018
This growth came off the back of “better than anticipated” revenue in the fourth quarter, when sales increased 10.8% to $1.18 billion.
Michael Kors’ full-year revenue included a $222.6 million contribution from UK-based luxury shoe brand Jimmy Choo, which the group acquired at the end of 2017. The company said it began investments in the brand in the fourth quarter to “lay the foundation for accelerated long-term growth”.
John Idol, Michael Kors chairman and CEO, said: “Looking to fiscal 2019, we have a number of initiatives planned to drive growth in both of our luxury brands.”
He explained that the growth of the Michael Kors brand is likely to be led by its retail business, which means it will focus on initiatives related to product, brand engagement and customer experience. He added that the group will continue its investment in Jimmy Choo in order to expands its retail network and grow its accessories business.
Mr Idol also stated that Michael Kors will explore additional acquisitions “to complement our existing luxury portfolio”.
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