Michael Kors Focuses on Inclusive Growth amid Versace Sale to Prada
The recent $1.4 billion sale of Versace to Prada has prompted Capri Holdings to shift its focus towards Michael Kors, which accounted for approximately 70% of the company's sales in the last financial year. In line with this strategy, Michael Kors has opened a flagship store on Regent Street, London, as part of a broader global expansion.
Kors has voiced criticism of the fashion industry's trend towards entertainment and spectacle, emphasizing the importance of wearable and commercially viable designs that meet customer needs. He strongly advocates for inclusive sizing and diverse representation on runways, aiming to invite people of different ages, sizes, and heights to engage with the brand's offerings.
Capri Holdings is working to build Michael Kors into a global behemoth by targeting the sizeable mid-tier market. This is supported by price points that appeal to aspirational customers, with bags such as the Michael Kors bag priced around £230 and the Hamilton bag at approximately £275. The context of a roughly 25% rise in luxury prices since 2019 helps justify this focus on expanding Kors's reach beyond the ultra-elite market.
