NEW YORK Feb 19 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
Kors will sell 3 million of his Michael Kors Holdings Inc
shares as part of a secondary offering of 25 million
shares the company announced in a regulatory filing on Tuesday.
Kors' ownership in the company will fall to about 4.8 million
shares, or 2.4 percent down from 3.9 percent after the sale.
The filing came after Kors shares reached a new high,
closing at $64.84 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 company itself will receive no proceeds from the
offering as all shares are being sold by investors.