Since 2017, the company said that it would no longer use animal fur in any of its products. By April 2017, the company had 827 full-price or outlet stores and 133 licensed stores. Operations īy 2014, the annual revenue for the company was $3.2 billion, with a net income of $670 million. In June 2018, Chou sold the last of his investment in Kors. In 2011, Stroll and Chou led an initial public offering in MKH Ltd on to the New York Stock Exchange, making them and Michael Kors billionaires. The MICHAEL Michael Kors line was launched in 2004, which included women's handbags and shoes as well as women's ready-to-wear apparel. Idol was subsequently appointed CEO of the company, with a shareholding interest. Kors left Celine in October 2003 to concentrate on his own brand via holding company Michael Kors Holdings Limited (MKH Ltd), relaunched with a majority $100M investment from Canadian fashion investor Lawrence Stroll and his Hong Kong-based partner Silas Chou, who had previously purchased Tommy Hilfiger in 1989. In 2002, Kors launched his menswear line. Putting the KORS line on hold, he designed for other labels before relaunching in 1997 with a lower-priced line, and in the same year was named the first women's ready-to-wear designer for French house Celine. In 1993, the company was forced into a Chapter 11 filing, caused by the closure of the licensing partner for KORS Michael Kors. In 1990, the company launched KORS Michael Kors as a licensee. In 1981, Kors launched his Michael Kors women's label at Bergdorf Goodman. Noticing the displays and garments, Bergdorf's fashion director Dawn Mello asked if he would show his collection to Bergdorf Goodman's buyers. Taking a job as a sales person at a boutique called Lothar's across from Bergdorf Goodman on 57th Street in Midtown Manhattan, he later became both the designer and visual display head for the store. Founder Michael Kors enrolled at the Fashion Institute of Technology in New York City in 1977, but dropped out after nine months.
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