Michael Kors to sells big part of stake as shares soar
February 20, 2013 9:42 AM EST
Fashion designer Michael Kors is planning to sell a big chunk of his stake in his namesake fashion house at a time when the company's shares are at an all-time high.
Kors will sell 3 million of his Michael Kors Holdings Inc
The filing came after Kors shares reached a new high, closing at $64.84 (42 pounds) on the New York Stock Exchange on Tuesday. The stock has more than tripled since Kors' IPO in December 2011.
Michael Kors last week raised its full-year sales and profit forecast after reporting large sales increases over the holiday period, including a 41 percent rise in comparable sales in North America last quarter. The company has been taking market share away from the like of Coach Inc
Sportswear Holdings Limited, a global private equity firm that is Kors' largest investor, will sell nearly 19.7 million shares, or 62.9 percent, of its holdings in the company, leaving it with an ownership of 5.8 percent.
Investment vehicles established to benefit the children of Chief Executive John Idol will sell a total 2 million shares in the offering.
The company itself will receive no proceeds from the offering as all shares are being sold by investors.
(Reporting by Phil Wahba; Editing by Leslie Gevirtz)
Most Popular Slideshows
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Top 5 Richest Tennis Athletes
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Apple iWatch is iPhone 6 Accessory on Sept 19 Release Date: 6 Confirmed Specs & Features
- Sept 19 iPhone 6 Release Date Firms Up as iWatch Rollout Delayed to Jan 2015 – Reports
- Canada Vs Russia War Erupts Via Twitter on Russia-Not Russia Maps
- James Foley Torture Involves CIA Waterboarding Technique
- Malaysia Airlines to Axe 4,000 Employees, Including CEO; Suspends Trading of Shares
- West Looks Divided in Tackling Russian Invasion In Ukraine
- Amazon Threatened by Google’s Partnership with Barnes and Noble