\f\fIndustry Background (external) Company Snapshot (internal) The brand Michael Kors was established in 1981 by American fashion designer Michael Kors. The label first launched in high end department stores like Bloomingdales, Saks Fifth Avenue, and Bergdorf Goodman. In 2006, Michael Kors expanded into retail stores with flagships in New York and Beverly Hills. \"Michael Kors is the leading American fashion designer for luxury accessories and sportswear. The company's heritage is rooted in producing polished, sleek, sophisticated American sportswear with a jet-set attitude.\" Michael Kors (KORS) is currently worth 6.72 billion (Yahoo Finance). In 2003, Michael Kors was valued at just over 100 million. MK is viewed in the fashion industry as an accessible American luxury brand. \"Whether Aspen, Palm Beach or Capri, our mission is to bring our vision of a jet-set, luxury lifestyle to women and men around the globe. Our products, emblematic of the highest standard of quality, include apparel, accessories and beauty. Our lifestyle-driven company embraces the highest standards of creativity, quality, technology and human resources.\" Michael Kors (KORS) Organizational Chart CEO & Chairman of the Board- John Idol CFO & COO- Joseph Parsons Creative Director- Michael Kors Board Directors- William Benedetto, Judy Gibbons, Ann Korologos, Stephen Reitman, Jane Thompson, and Jean Tomlin. The Michael Kors product line consists of handbags, accessories, apparel, footwear, fragrance and beauty. Michael Kors' target customers are between 25- 55 years old, with an annual income over $50,000. Kors's future growth strategy includes targeting a younger, affluent demographic, often overlooked by most high-end luxury brands. North America is Michael Kors's largest geographical market. They are pushing to build the MK presence internationally, mainly in Europe and Asia-Pacific. Market Share= 36.49: Michael Kors Holdings Limited (KORS) - NYSE Marketing Mix- 4 P's PRODUCT- Michael Kors \"Collection\" is considered the runway collection of the brand. Offering apparel, footwear, handbags, accessories, and small leather goods, these products are made from high quality leathers and exotic skins. The MICHAEL Michael Kors collection is the mid-tier line between the runway and MICHAEL collection. This also includes the ready-to-wear collection. Offering primarily handbags and small leather goods, this collection meets the fashion and functional requirements of a broad and diverse consumer base. PRICE- Michael Kors Collection: handbags and small leather goods $500$6,000; footwear $500- $1,300; women's apparal $400- $4,000. MICHAEL Michael Kors collection: handbags $200- $800; small leather goods $50$200; footwear $75- $500; women's apparel $50- $500. PROMOTION- Marketing strategy delivers a consistent message every time the consumer comes into contact with the brand through all communication and visual merchandising. Michael Kors brand image is created and executed internally their creative marketing, visual merchandising and public relations teams, which ensures brand consistency. The Michael Kors brand is featured in consumer magazines including Harper's Bazaar, Vogue, and Vanity Fairmagazines targeted at fashion-conscious women who look to the medium as a personal style influence. The MK brand strategically places their advertisements within the special interest medium in order to attract both the magazine and consumer selected targets. PLACE- Michael Kors' largest geographical market is in North America. MK is pushing to build its presence internationally, mainly in Europe and Asia- Pacific. Michael Kors Collection is carried in their retail stores as well as luxury department stores including Bergdorf Goodman, Saks Fifth Avenue, and Neiman Marcus. The MICHAEL Michael Kors collection is carried in their lifestyle stores as well as leading department stores including Bloomingdale's, Nordstrom, and Macy's. Product/Service Review Michael Kors as a brand has a different approach when it comes to their luxury products. Michael Kors and CEO John Idol make it clear that they are aware that their brand has a lot of exposure. They are also aware that it is easily accessible to their consumers, but that's how they want it. Kors and Idol like and want middle class to be able to buy MK products and support this movement. Some strengths MK has are that they are well known and definitely have a presence in the fashion industry. Even though they make major products that are accessible to the middle class, they also have the higher priced products that are from their runway collection. So this helps the brand cater to more than one market. This gives them more exposure and also profit. Some weaknesses are that they sell a lot of their products at department stores and department stores can give the brand a bad reputation with the discounts being available. Michael Kors is more likely to end up on sale than other luxury brands. This can saturate the image of their brand. Another weakness is that when a brand tries to cater to multiple markets, the brand message and image can get distorted. This can leave it's consumers confused or turned off. Michael Kors does well performance wise, makes good products and they get the sales, numbers don't lie. The financial benefits from the expansion of MK really can speak for itself. They grew to being a company worth millions to a company worth billions. All the income is coming in with the help of a brand image, they are an American brand for the American people. They promote a lifestyle that is stylish and comfortable. They cater to a casual yet fashion forward world. They currently have a strong position in the industry because they are a large company and are well known. But the positioning of strength slowed down a bit since a few years back and is something that can be fixed. Since MK offers high quality products for a lower averaged price they also offer higher quality products at a higher cost as well. This can be a great opportunity to help marketing wise to more clearly define their message and the different lines and collections. \f\fIndustry Background (external) Company Snapshot (internal) The brand Michael Kors was established in 1981 by American fashion designer Michael Kors. The label first launched in high end department stores like Bloomingdales, Saks Fifth Avenue, and Bergdorf Goodman. In 2006, Michael Kors expanded into retail stores with flagships in New York and Beverly Hills. \"Michael Kors is the leading American fashion designer for luxury accessories and sportswear. The company's heritage is rooted in producing polished, sleek, sophisticated American sportswear with a jet-set attitude.\" Michael Kors (KORS) is currently worth 6.72 billion (Yahoo Finance). In 2003, Michael Kors was valued at just over 100 million. MK is viewed in the fashion industry as an accessible American luxury brand. \"Whether Aspen, Palm Beach or Capri, our mission is to bring our vision of a jet-set, luxury lifestyle to women and men around the globe. Our products, emblematic of the highest standard of quality, include apparel, accessories and beauty. Our lifestyle-driven company embraces the highest standards of creativity, quality, technology and human resources.\" Michael Kors (KORS) Organizational Chart CEO & Chairman of the Board- John Idol CFO & COO- Joseph Parsons Creative Director- Michael Kors Board Directors- William Benedetto, Judy Gibbons, Ann Korologos, Stephen Reitman, Jane Thompson, and Jean Tomlin. The Michael Kors product line consists of handbags, accessories, apparel, footwear, fragrance and beauty. Michael Kors' target customers are between 25- 55 years old, with an annual income over $50,000. Kors's future growth strategy includes targeting a younger, affluent demographic, often overlooked by most high-end luxury brands. North America is Michael Kors's largest geographical market. They are pushing to build the MK presence internationally, mainly in Europe and Asia-Pacific. Market Share= 36.49: Michael Kors Holdings Limited (KORS) - NYSE Marketing Mix- 4 P's PRODUCT- Michael Kors \"Collection\" is considered the runway collection of the brand. Offering apparel, footwear, handbags, accessories, and small leather goods, these products are made from high quality leathers and exotic skins. The MICHAEL Michael Kors collection is the mid-tier line between the runway and MICHAEL collection. This also includes the ready-to-wear collection. Offering primarily handbags and small leather goods, this collection meets the fashion and functional requirements of a broad and diverse consumer base. PRICE- Michael Kors Collection: handbags and small leather goods $500$6,000; footwear $500- $1,300; women's apparal $400- $4,000. MICHAEL Michael Kors collection: handbags $200- $800; small leather goods $50$200; footwear $75- $500; women's apparel $50- $500. PROMOTION- Marketing strategy delivers a consistent message every time the consumer comes into contact with the brand through all communication and visual merchandising. Michael Kors brand image is created and executed internally their creative marketing, visual merchandising and public relations teams, which ensures brand consistency. The Michael Kors brand is featured in consumer magazines including Harper's Bazaar, Vogue, and Vanity Fairmagazines targeted at fashion-conscious women who look to the medium as a personal style influence. The MK brand strategically places their advertisements within the special interest medium in order to attract both the magazine and consumer selected targets. PLACE- Michael Kors' largest geographical market is in North America. MK is pushing to build its presence internationally, mainly in Europe and Asia- Pacific. Michael Kors Collection is carried in their retail stores as well as luxury department stores including Bergdorf Goodman, Saks Fifth Avenue, and Neiman Marcus. The MICHAEL Michael Kors collection is carried in their lifestyle stores as well as leading department stores including Bloomingdale's, Nordstrom, and Macy's. Product/Service Review Michael Kors as a brand has a different approach when it comes to their luxury products. Michael Kors and CEO John Idol make it clear that they are aware that their brand has a lot of exposure. They are also aware that it is easily accessible to their consumers, but that's how they want it. Kors and Idol like and want middle class to be able to buy MK products and support this movement. Some strengths MK has are that they are well known and definitely have a presence in the fashion industry. Even though they make major products that are accessible to the middle class, they also have the higher priced products that are from their runway collection. So this helps the brand cater to more than one market. This gives them more exposure and also profit. Some weaknesses are that they sell a lot of their products at department stores and department stores can give the brand a bad reputation with the discounts being available. Michael Kors is more likely to end up on sale than other luxury brands. This can saturate the image of their brand. Another weakness is that when a brand tries to cater to multiple markets, the brand message and image can get distorted. This can leave it's consumers confused or turned off. Michael Kors does well performance wise, makes good products and they get the sales, numbers don't lie. The financial benefits from the expansion of MK really can speak for itself. They grew to being a company worth millions to a company worth billions. All the income is coming in with the help of a brand image, they are an American brand for the American people. They promote a lifestyle that is stylish and comfortable. They cater to a casual yet fashion forward world. They currently have a strong position in the industry because they are a large company and are well known. But the positioning of strength slowed down a bit since a few years back and is something that can be fixed. Since MK offers high quality products for a lower averaged price they also offer higher quality products at a higher cost as well. This can be a great opportunity to help marketing wise to more clearly define their message and the different lines and collections. \f\f