SELLING MORE OF MICHAEL KORS: Early investors in Michael Kors Holdings Ltd. plan to sell off another 25 million shares, according to a shelf registration statement filed with the Securities and Exchange Commission Tuesday. That marks the third time the company’s early shareholders have offered more stock to the public since the December 2011 initial public offering. The offering’s underwriters were given the option to purchase an additional 3.8 million shares of Kors.
Sportswear Holdings, the investment vehicle of Silas Chou and Lawrence Stroll, put up 19.7 million shares for the offering. If the underwriters exercise their option to purchase stock, the sale will cut Sportswear Holdings’ stake in Kors to 4.3 percent from 15.6 percent. The designer Michael Kors also has 3 million shares in the offering, which could cut his stake in the company to 2.2 percent from 3.9 percent. Shares of Kors hit a new all-time high of $65.10 Tuesday and closed up 2.5 percent to $64.84.
This story first appeared in the February 20, 2013 issue of WWD. Subscribe Today.