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How I Built This with Guy Raz

Michael Kors: Michael Kors

Mar 6, 2023
01:17:22

Podcast summary created with Snipd AI

Quick takeaways

  • Michael Kors overcame bankruptcy and found success through strategic partnerships and diversification of products.
  • Accessories played a crucial role in Michael Kors' brand growth and appeal, leading to the introduction of lower-priced lines.

Deep dives

Michael Kors: Scaling a Fashion Brand

Michael Kors, a fashion brand, started as a small boutique on Fifth Avenue, designing and selling luxury women's separates. With a unique and versatile approach to luxury, Kors quickly gained recognition and was noticed by Don Mello, the fashion director at Bergdorf Goodman. This led to a successful partnership and the expansion of the Michael Kors brand. Facing financial challenges, Kors went through bankruptcy but recovered with investments from LVMH and Onward Kashiama. The brand diversified its product range, introducing accessories, fragrance, and menswear. In 2003, Silas Chow and Lawrence Stroll became key investors, bringing in cash and aggressive management to scale the business. The brand grew into a multi-billion dollar company, with Michael Kors himself still leading the way.

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