Michael Kors financial year was more than positive in the end. In fact, after the fourth quarter the revenues of the US brand reached 1,18 billion dollars, therefore increasing by 10,8% compared to the same period of the year before. Looking at data and figures, you can immediately notice that the buyout of Jimmy Choo footwear brand did not weigh down, as expected, the corporate budget. Yet, as Reuters agency pointed out in their report, a generational restyling of the brand, implemented to make it more appealing to Millennials, has not brought to valuable outcomes yet; furthermore, it is affecting the stock value at Wall Street (in fact, after they made public their financial statement, Michael Kors’ stocks went down by over 10%). Over the whole financial year, MK have been increasing by 5%, that is 4,72 billion dollars, while the footwear brand ended the business year with 222,6 million dollars, therefore growing by 3,6%. “In the latest financial year we achieved an amazing performance – remarked John D. Idol, chief executive officer of Michael Kors -, and we have been preparing our long-term expansion. Thanks to the buyout of Jimmy Choo, we have created a luxury global group; in addition to that, we have completed, after the first year, our Runway 2020 strategic plan, dedicated to Michael Kors brand, and we have already come to some valuable accomplishments, quite ahead of schedule”.
Michael Kors’ financial statements are “amazing”. Likewise Jimmy Choo, though Millennials are not that enthusiastic…
