Michael Kors Set to Make NYSE Debut with $3.6 Billion IPO
Michael Kors, the renowned luxury fashion brand, is set to list on the New York Stock Exchange under the ticker KORS. The Initial Public Offering (IPO) is expected to value the company at $3.6 billion (€2.68 billion).
The IPO process is being managed by prominent investment banks Morgan Stanley, JP Morgan, and Goldman Sachs. Michael Kors, the company's eponymous founder, will reduce his stake to 5.1% following the IPO. He plans to sell 5.8 million shares, which would leave him with an 8.6% stake in the company.
The IPO could potentially be one of the largest in recent years for a U.S. fashion designer. If successful, it could surpass the $2.8 billion IPO of Kate Spade in 2015. Michael Kors, along with Silas Chou and Lawrence Stroll, could be behind this significant deal.
The company's journey to this point began in 1981 when Michael Kors started his namesake brand. In 2003, he sold a majority stake to Silas Chou and Lawrence Stroll, who injected resources to fuel the company's growth. Today, Sportswear Holding, owned by Chou and Stroll, plans to sell 25.9 million shares, reducing its stake to 38%.
The Michael Kors IPO, managed by top-tier investment banks, is set to value the company at $3.6 billion. The deal, if successful, could be one of the largest U.S. fashion designer IPOs in recent years. The company's history, from its founding three decades ago to its current growth trajectory, sets the stage for this significant milestone.
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