Michael Kors files for IPO

Michael Kors Holdings Ltd, the US luxury fashion and accessories brand, announced that it was preparing an initial public offering in New York, hoping to raise about $900 million. The company, whose shares will be listed on the New York Stock Exchange under the symbol KORS, will offer up to 47.96 million shares, including eventual over-allotment options if demand is strong, at $17 to $19 a share. That would represent a possible total of $911 million, according to the prospectus filed with the Securities and Exchange Commission and available online. The prospectus did not mention a date for the eventual NYSE listing, but indicated that the share sale would be organized as soon as possible. Michael Kors, who launched his eponymous fashion label 30 years ago, is known for his sexy, sophisticated sportswear as well as a wide range of accessories, from jewelry, watches, eyewear, handbags and shoes. He is also one of the judges on the long-running television fashion reality show, "Project Runway." The company, which is present in 74 countries, generated $803 million in revenues in fiscal 2011, up 58 percent from the year before. Net income totaled $72.5 million, up 85 percent from the previous fiscal year. Michael Kors has 169 stores in North America and 34 abroad, notably in Europe and Japan.