They said/We said: Michael Kors goes public and his business partners are looking to cash in
Fur coat not enough? You can now own a piece of Michael Kors in ways other than clothing, (or for that matter, accessories, or fragrances, or jewellery, or shoes…) It was announced Friday that the label is going public, and planning to sell up to 48 million shares on the New York Stock Exchange. Now it’s being reported that the company’s value is around $3.62 billion, giving the designer a cool $111 million as part of an initial public offering.
While Kors will begin a road show, starting at the Pierre Hotel in New York this week to try to win over potential investors, his business partners Silas Chou and Lawrence Stroll are apparently interested in Vera Wang’s bridal empire and plan to wine and dine Wang’s husband Arthur Becker into coming on board. Wang has many successful license partnerships with American retailers including Kohls and David’s Bridal, but her main collection only makes up a small part of her profits and Chou and Stroll are looking to invest in its growth.
If Wang wants to make some serious dough, the designer and her husband should look no further. Chou and Stroll’s part in transforming Kors’ company after it went bankrupt in the nineties is proof these guys are the ones you want on your team if you’re a designer who wants to dominate the fashion world.
THEY SAID…
The Cut: “This is obviously great news for Kors himself, as well as for his business partners, Silas Chou and Lawrence Stroll, who backed Kors even after his business faced bankruptcy in the nineties (and, it must be said, each have fabulous names).” [NY Mag]
WWD: “Stroll and Chou bought the company in 2003 and helped grow the business, paving the way to this IPO, as they did for Tommy Hilfiger previously that earned the two men — as well as Hilfiger — a fortune.” [WWD]
WE SAID…
Bernadette Morra, editor-in-chief: “This is a scenario all designers dream of. It only took Michael Kors 30 years and the support of business geniuses Silas Chou and Lawrence Stroll. The thing I find most interesting about this story, however, is who the third largest shareholder is—the Ontario Teachers’ Pension Plan.”
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Fur coat not enough? You can now own a piece of Michael Kors in ways other than clothing, (or for that matter, accessories, or fragrances, or jewellery, or shoes…) It was announced Friday that the label is going public, and planning to sell up to 48 million shares on the New York Stock Exchange. Now it’s being reported that the company’s value is around $3.62 billion, giving the designer a cool $111 million as part of an initial public offering.
While Kors will begin a road show, starting at the Pierre Hotel in New York this week to try to win over potential investors, his business partners Silas Chou and Lawrence Stroll are apparently interested in Vera Wang’s bridal empire and plan to wine and dine Wang’s husband Arthur Becker into coming on board. Wang has many successful license partnerships with American retailers including Kohls and David’s Bridal, but her main collection only makes up a small part of her profits and Chou and Stroll are looking to invest in its growth.
If Wang wants to make some serious dough, the designer and her husband should look no further. Chou and Stroll’s part in transforming Kors’ company after it went bankrupt in the nineties is proof these guys are the ones you want on your team if you’re a designer who wants to dominate the fashion world.
THEY SAID…
The Cut: “This is obviously great news for Kors himself, as well as for his business partners, Silas Chou and Lawrence Stroll, who backed Kors even after his business faced bankruptcy in the nineties (and, it must be said, each have fabulous names).” [NY Mag]
WWD: “Stroll and Chou bought the company in 2003 and helped grow the business, paving the way to this IPO, as they did for Tommy Hilfiger previously that earned the two men — as well as Hilfiger — a fortune.” [WWD]
WE SAID…
Bernadette Morra, editor-in-chief: “This is a scenario all designers dream of. It only took Michael Kors 30 years and the support of business geniuses Silas Chou and Lawrence Stroll. The thing I find most interesting about this story, however, is who the third largest shareholder is—the Ontario Teachers’ Pension Plan.”){kind=link}