Michael Kors is Strong Even in an Uncertain Economy
Posted in articles&news on Feb 8th, 2012 No Comments »
Written by: Sarah Clausen
With uncertainty over the world’s economy over the past few years, it can, at times, be difficult to be in luxury retail. Many consumers have found themselves needing to cut expenses and one of the first areas to take a hit is in luxury goods. Michael Kors is one company that understands this. The brand has responded by accommodating the changing needs of customers in an economy that has not been particularly strong.
Michael Kors launched his eponymous womenswear line in 1981. His success at such stores as Bloomingdale’s and Bergdorf Goodman lead to Kors being named, in 1997, the creative designer and first women’s ready-to-wear designer for French Fashion House Celine. Kor’s menswear line was launched in 2002, and 2003 he left Celine to focus his energy on his own brand. Kor’s company includes MICHAEL Michael Kors and KORS Michael Kors lines in addition to the brand’s high-end Michael Kors Runway Collection.
Michael Kors, founder of the eponymous fashion brand.
The Michael Kors brand, a newly public retail stock, has been sensitive to the needs of consumers of all economic stripes. The MICAHEL Michael Kors line is a lower-priced collection that has seen a recent surge in sales. The company has found a way to appeal to customers who want a high-end luxury brand that is still affordable. With Michael Kors offering lines that range from affordable mass produced items to high-end luxury pieces, Kors is showing other luxury brands how to appeal to a broad consumer base.
This is a strategy that is paying off for Michael Kors. The company plans to have over 400 stores in the US by the end of 2012. In addition, Kors has seen a 25% increase in sales each year. The increase in sales means the Michael Kors brand has been able to expand internationally, opening a 7,000 square foot boutique in Paris this month. The Paris store will join recently launched boutiques in London, Milan, Munich, Seoul, and Tokyo.
The world’s economies are uncertain. People are cutting costs where they can. Michael Kors has responded to this and continues to offer watches, clothing, and accessories that can fit different budgets–all while keeping a luxury designer feel. This strategy has paid off for the brand, as it continues to grow each year.
Michael Kors Ceramic Watch
