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Michael Kors Holdings Inc. is effectively minting money for its early investors.
This story first appeared in the September 8, 2012 issue of WWD. Subscribe Today.
Shareholders, including some members of management, plan to sell up to 23 million shares of the company at $53.31 each, raising up to $1.23 billion, according to a registration filing with the Securities and Exchange Commission after Wall Street closed today.
Kors stock — which went public in December at $20 a share — slipped 4.7 percent to $53.42 in after hours trading.
The filing is still preliminary and doesn’t specify which shareholders are selling. The Silas Chou and Lawrence Stroll investment vehicle Sportswear Holdings Ltd. continues to be Kors top shareholder, with 48.3 million shares, or 24.5 percent of those outstanding.
The designer Michael Kors holds 12.5 million shares, or 6.3 percent of the company, and chief executive officer John Idol owns 7.3 million shares, or a 3.7 percent stake.
Kors shareholders also sold 28.8 million shares of the company in a follow-on offering in March.