Michael Kors


“I’m a nature lover, even though I’m a city boy,” quipped Michael Kors. On Monday, Singaporean officials honored the New York-based designer by naming a unique purple and white dendrobium orchid genus after him. Kors is in the Asian capital to celebrate the opening of a new flagship store and host a dinner with Kate Hudson on Tuesday evening.

“We have orchids all over our apartment in New York,” Kors said just after a ceremony at the National Orchid Garden, surrounded by the lush, tropical greenery of the Singapore Botanic Gardens. “We are building a house in Florida and we’ll have orchids in the garden and hopefully we’ll have a Michael Kors orchid  wrapped around a tree in our garden.

Kirk Wagar, the U.S. Ambassador to the Republic of Singapore, and Serene Tam, a member of the Singapore Tourism Board presented the orchid to the aviator-clad designer. Kors joins the ranks of a long list of celebrities who have received honorary orchid varieties including the Duke and Duchess of Cambridge, Elton John, Andrea Bocelli and Jane Goodall.

Kors, who hosted events in Seoul over the weekend, is looking to tap into Asian markets for future growth. Last week, the company lowered its fiscal 2017 guidance.

John Idol, chairman and chief executive officer, said results “continued to be impacted by the declines in mall traffic and tourism in certain major cities, as well as our strategic decision to reduce sell-in of inventory to the U.S. wholesale channel.”

Despite the lowered guidance, second-quarter results were good, with the company besting Wall Street’s EPS estimate by 7 cents, although it only just met revenue expectations. For the three months ended Oct. 1, net income fell 16.7 percent to $160.9 million, or 95 cents a diluted share, from $193.1 million, or $1.01, a year ago. Total revenues slipped 3.7 percent to $1.09 billion from $1.13 billion

 

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