Michael Kors to sell big part of stake as shares soar
February 20, 2013 10:21 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
- Kate Middleton Suffocated in Kensington Palace, Queen Elizabeth Reported War With The Duchess [PHOTOS]
- Brad Pitt Still in Love with Ex-Wife Jennifer Aniston, Staying with Angelina Jolie for Sake of Kids, Claims Brad's Psychic
- British Style Icon Kate Middleton Fashion Talk With Camilla Parker-Bowles Daughter-In-Law [PHOTOS]
- Transfer News: Manchester United's Possible Transfer Options For This Season
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
- James Foley Beheading Video Has Play-Acting Portions – Video Experts Say
- Apple iPhone 6 Release Date, iPhone 6C or 6L Anticipation: Three Things Should Matter To New Phone Shoppers
- Upcoming Sony Xperia Z3 With Dual-SIM Support Gets Approved In China; Full Specifications Revealed; Amber-Coloured Xperia Z3 Tipped
- More Nexus 8/Nexus 9 Release Confirmed with More Leaks and Out of Stock Nexus 7 and 10
- James Foley: Release of Beheading Video by ISIS Meant to Attract More Recruits to Join the Cause – Intelligence
- 2015 Ford Mustang: Right-Hand Drive Pony Car To Be Available In Australia Next Year
- James Foley: ISIS Demanded Multimillion Ransom, US Refused To Pay---Reports