Michael Kors sues Costco over discount handbag ads
Wonder It’s sticky when you divorce a guy and he decides to use your ideas to open up his own store. That’s what Chris Burch allegedly did with C. Wonder in 2012, a retail concept that had a very similar tone and product offering to Tory’s initial brand. Surprisingly, Chris was planning on suing Tory for breach of contract and tortious interference, but instead Tory filed counterclaims accusing Chris of withholding documents that indicate he stole Tory’s ideas. Coco Chanel vs. Elsa Schiaparelli The iconic Chanel was apparently quite the tormentor. In fact, one of her victims was fellow designer, Elsa Schiaparelli. Chanel has been noted as saying Schiaparelli was just “that Italian artist who makes clothes.” As the story goes, she also once “accidentally” pushed Schiaparelli into a candle arrangement and set her on fire! Ouch. Vogue Netherlands’ Black Face Spread Vogue Netherlands’ May 2013 issue features this “Heritage Heroes” editorial.
Handbags, watches fashion Michael Kors upbeat forecast
Try a pair of tent shoes - with a full-sized shelter stashed in the heel Somewhat resilient to the whims of passing trends, handbags are also easier and cheaper to update a wardrobe than a whole new look. Spotlight: Michael Kors, who has been a judge on Project Runway since it first aired in 2004, has certainly benefited from the national television exposure And when it comes to selling well-priced luxury goods, compared to house’s like Louis Vuitton and Hermes, Michael Kors seems to be edging out the competition, particularly Coach. ‘Its his time,’ said Pam Danziger, the head of Unity Marketing. ‘Michael Kors has that buzz factor.’ Celebrities like Heidi Klum, Zoe Saldana and Jessica Alba are often see carrying his colorful totes around town. And the company, which went public in December 2011, is estimated to double its revenue by next spring to reach $2.9billion. In North America alone, sales grew figure 25per cent; in Europe, 56per cent. John Idol, CEO of Michael Kors Holdings is excited to see how the designer’s urban and sporty fall collection fares. ‘It combines urban athleticism and uptown polish,’ he said.
Michael Kors Tries to Wipe Some Costco Mud Off Its Gold-Plated Brand
The Jet Set Gathered Tote is $298 from the Michael Kors summer lookbook. If you’re looking for a Michael Kors handbag, don’t head to Costco. Kors is suing the membership-based warehouse after his designer handbags were featured in a Costco advertisement without his permission. According to Women’s Wear Daily , Kors is suing based on a Mother’s Day email advertisement that showed pictures of Michael Kors handbags at an advertised price of as low as $99. Costco, which is not authorized to sell Kors’ merchandise, is being sued on the belief that the company attempted to participate in a “bait and switch scheme” to gain more customers by using Michael Kors products. Since Michael Kors products usually hold a high price tag of $180 and above, seeing the handbags advertised at such a low price could encourage shoppers to join the members only store. When Michael Kors company officals searched 19 of the Costco stores that claimed to sell his products at a discounted price, however, the handbags were nowhere to be found. The lawsuit was filed in Manhattan last week, and no verdict has yet been announced.
‘If you’re having a fat day you can still wear a handbag’: Michael Kors admits designer totes are the secret behind his rising profits
“Michael Kors is bringing more excitement to the category where people are buying new handbags, instead of other items like clothing,” Citi analyst Oliver Chen told Reuters. Designer Michael Kors launched his brand 30 years ago as a luxury sportswear house. The company now makes pyramid-studded Saffiano leather handbags, watches and apparel worn by first lady Michelle Obama and celebrities including Jennifer Lopez. Michael Kors raised $944 million in its initial public offering just over a year ago, one of the biggest ever listings by a U.S. fashion company. The company now has a market capitalization of $12.6 billion. Kors, well-known for his work as a judge on the long-running television fashion show “Project Runway”, held a 3.7 percent stake in the company as of December 31. At today’s share price, this stake would be worth around $466 million. The company, which reported third-quarter results that comfortably beat Wall Street estimates, said the addition of new stores and the conversion of department store premises into branded “shop-in-shops” had drawn in more customers. A shop-in-shop is a mini-store within a larger department store that houses similar products.
After its latest earnings call, shares traded at about $70. So analysts were very excited, too. When it comes to selling affordable luxury, Michael Kors seems to have edged out Coach ( COH ), at least for now. Its his time, says Pam Danziger, the head of Unity Marketing. Michael Kors has that buzz factor. Kors, of course, has been a judge on Project Runway since it first aired in 2004 and, after sitting out last season, has returned as a guest judge. The exposure has been important for him, says Danziger: Hes got authority as the designer of the day. When Project Runway started,11 percent of Americans knew the Kors name. Now 71 percent do, the company told Bloomberg News in March 2012. It could have been a coincidence, but just as Kors joined Project Runway, his private equity backers (which included Idol) encouraged him to start a lower-priced line, the MICHAEL Michael Kors Collection. And whileKors continues to produce runway collections and offer ultra-luxe items (this $18,000 houndstooth mink wrap is available for pre-order now), its the other line of accessories and clothesand accessories in particularthats really selling. As Idol said: Small leather goods and handbags are most important to us. For some customers, the appeal of brand-name accessories, especially ones that seem affordable (and $300, relative to $3,000, does qualify), is enduring.
Michael Kors Sues Costco Over Handbag Ad
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What Michael Kors Knows: No Woman Is Too Fat for a Nice Handbag
Kors, which called the e-mail a deliberate bait-and-switch advertising scheme, said Costco was not authorized to sell its bags. And the Costco website doesnt list any Kors products for sale this morning. But the filing implies that Costco may have legitimately carried Kors handbags at some point. Any extremely limited quantity of Michael Kors handbags sold by Costco were certainly not offered for sale starting at $99, it reads. If it turns out that Kors bags were for sale at the store, it could complicate things for the brand. As a newer public company whose investors are paying for growth, Kors wants to cash in on the middle-market, but it needs to be careful not to tarnish its gold-plated, high-end brand. Since the company hit public markets in December 2011, Michael Kors has grown fast by buttressing its luxury collection (i.e., an $18,000 houndstooth mink wrap ) with its accessible luxury collection (i.e., a $275 tweed jacket ). Kors, which brought in $2.2 billion in revenue last year, can stretch its inventory from Bergdorf Goodman to Macys, and maybe even sell a few perfumes at Wal-Mart , but $99 bags at Costco is probably still too much of a risk to its high-end sales.