Michael Kors Files to Go Public
Fashion house Michael Kors revealed plans to go public–with an initial public offering that could value the apparel and accessories company at $3.63 billion.
The company set the I.P.O range as $17.00 to $19.00 per share, and intends to sell 41.7 million shares. The underwriters–currently led by Morgan Stanley, JPMorgan Chase, and Goldman Sachs–will have the option to sell an additional 6.3 million shares. If all goes as planned, the company will trade under the symbol “KORS” on the New York Stock Exchange.
Michael Kors is based in Hong Kong and led by chief creative officer and brand namesake Michael Kors, chief executive John D. Idol, and, with a 51.9 percent stake, controlled by Sportswear Holding. Michael Kors saw double the profit from a year ago, with a $64.7 million profit in the six-month period ending on Oct. 1.
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