Reuters – Michael Kors to Sell Large Stake
Fashion designer Michael Kors is planning to sell a big chunk of his stake in his namesake fashion house at a time when the company's shares are at an all-time high, Reuters reported. Kors will sell 3 million of his Michael Kors Holdings Inc. shares as part of a secondary offering of 25 million shares the company announced in a regulatory filing on Tuesday. Kors' ownership in the company will fall to about 4.8 million shares, or 2.4 percent down from 3.9 percent after the sale. The filing came after Kors shares reached a new high, closing at $64.84 on the New York Stock Exchange on Tuesday. The stock has more than tripled since Kors' IPO in December 2011.
20 February 2013•2 mins read
