Michael Kors' Fashion Company Prices IPO
Michael Kors Holdings, the apparel-design company from Project Runway judge Michael Kors, priced its initial public offering Wednesday at $20 a share, higher than its expected range of $17-$19.
The company also said it would sell 47.2 million shares, about 5.5 million more than it first planned planned, and the stock will begin trading Thursday on the New York Stock Exchange under the symbol KORS.
Kors, 52, began designing clothes when he was 19 and launched his company in 1981. Celebrities who have worn his designs to the Oscars include Joan Allen and Jennifer Garner, while Gwyneth Paltrow, Cate Blanchett and Rene Russo have worn them in the films Possession, Bandits and The Thomas Crown Affair, respectively.
In its latest fiscal year, Michael Kors Holdings grew its revenue 58 percent to $803 million and its net income 85 percent to $73 million.