Soon enough, anyone will be able to own a little piece of the Michael Kors brand.
Just recently, the company announced its plans to go public and list as much as 48 million shares on the New York Stock Exchange under the ticker KORS. They hope to sell the shares for between $17 and $19, which means that normal people will be able to call a small part of a company, that will be valued at around $3.62 billion, their own.
Kors has been raising money since the summer to help bring up the valuation of the company. All of the shares are coming from existing investors in the company (Sportswear Holding, Mr. Kors himself, and chief executive John D. Idol) and the main underwriters in the IPO offering are Morgan Stanley, JPMorgan Chase, and Goldman Sachs.
The luxury women’s fashion brand has 169 North American stores, along with around three dozen international stores, and continues to grow every day. Kors plans to open many, many more stores across Europe, North America, and Japan. Kors expansion into the stock market is expected to influence other American brands, such as Tory Burch.Tags: KORS, kors stock, michael kors, michael kors goes public, NYSE, Project Runway, stock market