2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15
Clothing, accessories and beauty products brand Michael Kors will close 125 of its stores in the next two years as a result of years of low sales, according to a brand press release. Known for its popular handbags and designs made for the contemporary woman who likes to be fashionable, the brand let it be known that its store sales were down 14.1% in the first quarter of the year and that its wholesale business had down 22.8%. Currently the brand has 960 stores, which means that by closing 125 of them they would be reducing 13% of their totality.
"Our product and store experience did not captivate and excite our consumers enough," said John Idol, president and CEO of the brand, in a press release. "We have to take steps to better innovate our range of accessories and the store experience."
Idol also blamed the "tough environment for retail companies with high levels of promotions." Despite everything, the executive shows enthusiasm for the future. "We have a strong brand, led by Michael Kors, with a history of fashion innovation and leadership, a global footprint with stores positioned in the best places in the world, and marketing experts who know how to reflect our stores."
Recommended:
Michael Kors Spring 2020 Collection Parade
Michael Kors presented his spectacular new collection with a star-studded front row
Michael Kors And Jimmy Choo
The Michael Kors brand surprised many by announcing that it was going to acquire Jimmy Choo for $ 1.2 billion
Macy's Closes 68 Stores And Cuts 10,000 Jobs
The chain attributes the cuts to the decline in sales and the need to save money
Sears Closes More Stores
The company will begin closing stores starting next week. In total 46 will close
Rafael Nadal Is The New Brand Ambassador For The Tommy Hilfiger Brand
To the title of number three tennis player in the world, Rafael Nadal will now have to add Tommy Hilfiger's global ambassador for the fall / winter 2015 underwear and tailored collections. “Rafael Nadal is a lifelong personal friend and follower of our brand.
