America's Best Designer Michael Kors Announces More Than 100 Store Closures
'31.05.2017'
Source: Los Angeles Times
Famous fashion designer, "America's best designer" Michael Kors intends close from 100 to 125 stores in the next two years, transmits Los Angeles Times.
Reportedly a luxury brand Michael Kors Holdings plans to expand its presence in Asia and adapt to online sales.
It is not yet known which stores will be closed and when. As of April 1, Michael Kors had 827 stores, up from 668 last year. The brand is expected to save about $ 60 million a year by closing stores.
According to the executive director Michael Kors John Idol, closing stores will allow the brand to focus on the most productive locations.
He noted that the company also plans to open new stores in “key cities” and will focus on expanding the scope of its activities in Asia, where it is planned to open 50 new stores this year. In the next two years, plans also include an update of existing stores, mainly in North America, around 100, for a better demonstration of goods.
It is noted that the closure of stores due to the fact that in recent years, more and more buyers choose things not in branded stores, but on the Internet. Therefore, these are forced measures for further business development, Idol is sure.
