Michael Kors' revenue for this quarter amount to 11 percent, the strongest growth in a year for the accessible luxury brand, as demand for its handbags and accessories rose in the Americas. The New York-based brand has been revamping its product lines, better-managing its wholesale distribution to try to regain some semblance of exclusivity of its products, and pushing into online retailing to boost sales.
According to Reuters, Kors said it bought Michael Kors. Ltd, its exclusive licensee in China and some regions in Asia, for $500 million in cash. "We believe that our brand is gaining strong momentum in Greater China, making it the ideal time for us to integrate this territory into our business," Chief Executive John Idol said in a statement.