Michael Kors Sells Minority Stake for $2.5 Billion
Michael Kors and Co. has just scored themselves quite a chunk of change.
The fashion label has sold a minority stake in the brand to a group of investors for no less than $2.5 billion, reports to the New York Post. (If a minority stake is worth that much, what about the whole company? The mind reels.)
Kors is, at the moment, a privately-owned company, though the Post speculates that an IPO might be in the works for as soon as spring 2012.
“There are very few brands that are performing on the scale of Michael Kors, and that have as much room left to grow in different channels and parts of the world,” said Richard Kestenbaum of investment bank Triangle Capital.
According to the Post, the $2.5 billion will be used to help grow the company (even further) internationally, with new boutiques slated to open in Europe and Asia. Michael Kors currently operates over 100 stores worldwide, with plans to double that number in 2012.