Michael Kors’ bid to take on Gucci, Louis Vuitton and other big fashion brands in Europe hit a snag in the last quarter as sales fell.
The decline meant that the company missed Wall Street’s quarterly revenue forecast for the first time in nearly two years, sending its shares sharply down by 14.6 per cent to close at $49.07 in New York last night.
Michael Kors, valued at $7.3 billion, makes luxury handbags, owns Jimmy Choo, the shoe brand, and is acquiring Versace, the Italian fashion house, for $2 billion. Revenue from sales in Europe fell to $139 million in the three months to the end of September, compared with $154 million in the same period last year. Wholesale revenue in the region dipped in…
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