Michael Kors is looking to increase its revenue from the current$850 m to$2 billion in the next five years. The company will build on Versace's luxury runway momentum, starting with the recently announced New York Show on December 2.
It will also enhance the brand's powerful and iconic marketing, adding significantly to the company's spend next year; increase its global retail footprint with around 30 new stores next year; accelerate e-commerce and omnichannel development; and expand the accessories and footwear business with new products that will be introduced for fall of next year.
The company also has big plans for both Jimmy Choo and Michael Kors brands. It believes that Choo can achieve its $1bn revenue target having grown its store base to over 200 from 150 when it acquired the business a year ago.
