“I’m feeling great,” said an exuberant, and newly flush Michael Kors, after ringing the opening bell of the New York Stock Exchange Thursday morning.
Flanked by partners Silas Chou and Lawrence Stroll, chief executive officer John Idol and chief financial officer and chief operating officer Joseph Parsons, Kors stood beaming on the podium, looking at the crowd below. The Michael Kors Holdings Ltd. partners hugged, high-fived each other, and then called up other members of the staff, as well as Kors’ mother, Joan, to the podium to wave to the crowd. After a few minutes, the stock, listed under KORS, shot up to $25, and the day’s trading began. The stock, which traded between $23.51 and $25.23 throughout the day, closed Thursday at $24.20, up from its IPO price of $20. Some 42.3 million shares were traded. Given the more than 190 million shares outstanding, the closing price left Kors with a market capitalization of $3.82 billion.
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EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
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