KORS EXPANSION IN ASIA ON TRACK: John Idol, chief executive officer of Michael Kors Holdings Inc., said at the designer’s show Wednesday that expansion plans in Asia are on track. “The expansion plan to develop the market place in China and Southeast Asia is in place. We are growing rapidly,” he said.
It won’t be just Idol and Kors overseeing the expansion. Two other original owners Lawrence Stroll and Silas Chou still will be involved as all four continue to own Michael Kors Far East Holdings Ltd., which holds the license to expand the Kors brand in Asia.
The publicly-traded company said last week that Stroll and Chou will exit their 5.7 percent stake in Kors — held through Sportswear Holdings — via a secondary public offering. That offering — 11.6 million shares at $76.76 a share — was completed Wednesday, and Stroll and Chou are now officially off the Kors board.