Introduction: On May 5, it was reported that the layoff plan of the French Paris office submitted by Michael Kors, an American luxury brand, in January this year had been approved by the local department. There were 30 employees in the office, about 66% of whom would be cut, and some employees would be transferred to the London branch. (Source: Sina Fashion Comprehensive)
Michael Kors Collection Ready To Wear Fall Winter 2019 New York In order to prove the rationality of the layoff plan, Michael Kors emphasized the decline of the brand's performance in France in his application. Another source said that Michael Kors' employees in his Munich office in Germany had also cut 5 to 10 employees. So far, Michael Kors has not responded to the layoff news. In the past two years, the brand action has been continuous from the road of acquisition and the renaming of the group.
Last year Milan Fashion Week Just after the end, Michael Kors Holding Co., Ltd., a luxury goods group, announced that the group had acquired Italian luxury brand Gianni Versace S.p.A at a final price of 2.12 billion US dollars (about 14.57 billion yuan), and provided the Versace family with a share purchase price of 150 million euros. Then Michael Kors announced that the group name would be changed from Michael Kors Holdings to Capri Holdings.
Versace Spring/Summer 2019 Show In addition, it is reported that one of the starting points of Capri's acquisition of Versace is also to get rid of its original mode of relying on a single brand Michael Kors, and to enable the group to develop more diversified by increasing its product portfolio. Versace is not the first brand acquired by the Group that is higher than its own positioning. As early as 2017, Capri defeated its competitors to acquire the British shoe brand Jimmy Choo at a price of 1.2 billion dollars.
However, after Michael Kors' frequent actions in the past two years, the Group's share price, instead of rising sharply, fell by 8.2% to $66.7. This phenomenon undoubtedly shows that the market is not optimistic about this acquisition. On the one hand, it believes that the transaction volume is too high, and on the other hand, it is worried about the impact on the current operation mode of the Group. So far, a spokesman for Michael Kors has refused to comment on the incident.
In addition, on March 29 this year, it was reported by Women's Wear Daily that Michael Kors, an American designer, had withdrawn from the board of directors of Capri Group on March 29. In this multi brand fashion and luxury group developed from the brand of the same name, his label was gradually weakening.
American designer Michael Kors In the document submitted by Capri Group to the Securities and Exchange Commission of the United States, it was written that Kors' departure conforms to the current positioning of the Group, that is, the fashion luxury group led by three iconic founders, "has a world-class reputation for design and innovation".
For Capri Group, Kors leaving the Board of Directors may enable the Group to continue to de Americanize and become more international.
