Final Research Paper
Michael Kors has been a leader in the fashion industry for over 30 years. He first entered the fashion scene as a teenager. Mr. Kors has not only managed to stay relevant in the industry, but he’s remained a major player for the past three decades. Kors was born Karl Anderson Jr. He legally changed his first and last name at the age of five when his mother remarried. Upon completion of High School, Kors attended The Fashion Institute Of Technology in New York City. However he dropped out after only two semesters. After leaving college, Kors worked a few different jobs in the fashion industry. Eventually he entered the private business world and started The Michael Kors Company. Like many successful business people, Michael Kors experienced some early failures and setbacks in the business world. In 1990 The Michael Kors Company was forced to file for Chapter 11 bankruptcy. Who would have thought that after being forced to file bankruptcy and dropping out of college, Kors would become one of the most popular and sought after fashion designers in the world. He did just that. His career covering three decades was filled with many more highs than lows. Combining fresh ideas with classic standards, Kors remains on the cutting edge. With a combination of new ideas and a commitment to the basics makes the Michael Kors lines solid year after year. Certainly Michael Kors is an example of not how you start, of how you finish. He managed to learn from his mistakes and his successes to stay on top year after year. Company Profile/ Background
Today, Michael Kors is a rapidly growing luxury lifestyle brand led by world-class management teams and a renowned award-winning designer. Michael Kors career began at age 19, designing and merchandising a collection for Lothar’s boutique in New York City. With the success of these clothes he caught the attention of the fashion press encouraging Kors to strike out on his own. In 1981 the Michael Kors label was formed with his first women’s collection was launched at Saks Fifth Avenue and Bergdorf Goodman. Michael Kors launched accessories under his collection label in 2001 including women’s handbags, shoes, belts, and eyewear. In addition, the company launched a full-scale men’s collection in January 2002. Fall of 2004, Kors revealed his latest collection, Michael by Michael Kors, to an extraordinary launch in over 350 doors nationwide. The Michael by Michael Kors labels include women’s ready to wear, swimwear, handbags, small leather goods, belts and shoes; men’s sportswear, tailored clothing, dress shirts; as well as eyewear and timepieces for both men and women. Ever since this namesake brand was launched 30 years ago, Kors featured unique designs, materials and craftsmanship with a jet-set image that combines elegance and a sporty attitude. “Mr. Kors’ vision has taken our Company from its beginnings as an American luxury sportswear house to a global accessories, footwear and apparel company with a presence in 74 countries.”() Due to the highly recognized lifestyle brand in North America due to its increasing awareness in targeted international markets, Michael Kors has experienced excellent sales momentum and have a clear path for future growth. In the past couple years Michael Kors has expanded past apparel and into accessories such as handbags, eyewear, jewelry, small leather goods, watches, and footwear.
The Michael Kors Company includes three brands, Michael Kors, MICHAEL Michael Kors, and KORS Michael Kors. “Mr. Kors himself owns about 12% of the company while Sportswear Holdings, the holding company owned by fashion investors Silas Chou and Lawrence Stroll, owns 50%. Parent company Michael Kors Holdings filed to go public in late 2011.” (Hoovers.com) Michael Kors the world-renowned designer leads the company’s design team. Michael and his team are the ones responsible for abstracting and directing the design of all the Michael Kors products, and their design...
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