Michael Kors IPO Valued At $3.6 Billion
2011 was a red letter year for Michael Kors. The designer celebrated the 30th birthday of his namesake brand (with a giant party, natch), was given the Hollywood treatment with a "20/20" segment, received the amfAR Award of Courage at this year's star-studded amfAR Inspiration Gala and tied the knot with his longtime partner, Lance Le Pere.
So to cap it all off, this weekend Michael Kors unveiled an initial public offering that values the brand at $3.63 billion.
The New York Times reports that the price range per share was set at $17-19 per share with the intention of selling 41.7 million shares, with the option of an additional 6.3 million shares.
That puts the Kors brand in line to raise at least $750.6 million, which according to Women's Wear Daily would value the brand higher than luxury brands like Saks Inc. ($1.52 billion) and Salvatore Ferragamo ($2.55 billion) or more mainstream brands like Guess Inc. ($2.62 billion).
In other words, enough to make his doting mama proud.
WWD notes that Michael Kors would be the first IPO of a big American designer in several years, but it seems like there's never been a better time for the designer from Long Island to make a splash.
The brand, as previously noted, just marked its 30 year anniversary and enjoyed a year of remarkable popularity, with its chunky rose-gold watches on every stylish girl's wrist and its designer still sitting pretty on "Project Runway."
Now the Kors name will pop up in a strange, new place: on the New York Stock Exchange, under the symbol "KORS."