ROAD TRIP: Michael Kors is hitting the road. John Idol, chief executive officer of Michael Kors, and Joe Parsons, chief financial officer and chief operating officer, have embarked on a cross-country trip to introduce the fashion firm’s initial public offering to investors. The road trip, which began Monday, will include such cities as Boston; New York; Kansas City, Mo.; Denver; Los Angeles, and San Francisco, and will wind up in the Midwest on Dec. 14. A luncheon is planned Thursday in New York at The Pierre hotel’s Cotillion Room.
The stock, which will be traded on the New York Stock Exchange, is expected to be priced on Dec. 14. The plan is to raise $750 million by selling 41.7 million shares initially, for between $17 and $19 apiece. An additional 6.3 million shares will be sold if demand warrants. The stock will trade under the ticker “KORS,” after the offering, which is being underwritten by Morgan Stanley, J.P. Morgan and Goldman Sachs.
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This story first appeared in the December 6, 2011 issue of WWD. Subscribe Today.