“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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)