Michael Kors Handbags, Accessories Trendy Among Teens
Michael Kors Holdings Upgraded to â€œOverweightâ€?at Piper Jaffray Cos. (KORS)
Piper Jaffray found in its latest Taking Stock With Teens survey a "staggering" jump in "mindshare" for the former "Project Runway" judge's accessories. It also found Kors handbags were the second most preferred among both average- and upper-income consumers, taking a 21% share in both brackets. As a result, Piper Jaffray analyst Erinn Murphy upgraded Kors to overweight from neutral and the price target to $90 from $73. She thinks Europe will be the next "catalyst" that could help drive earnings to near $6 a share going forward. Analysts expect $2.76 a share for fiscal 2014. Kors shares were up 1% in early-afternoon trading on the stock market today . Kors has soared 260% since its stock debuted at $20 a share in December 2011.
According to a complaint filed in Manhattan federal court, Costco has never been an authorized retailer of Michael Kors handbags, yet it has recently run advertisements nationwide falsely suggesting that the handbags are available "starting at $99." In one example cited, Costco in April sent an email ad touting a selection of handbags for Mother's Day "starting at $99.99," several of which were Michael Kors handbags featuring the company's trademarks. But Michael Kors, which also makes shoes, watches and jewelry, said that its representatives visited Costco's website and 19 retail stores, and found none carried its handbags. On the Michael Kors website on Friday, most full-size women's handbags were priced between $298 and $1,195. The point of Costco's ads is to "lure unsuspecting consumers away from bona fide Michael Kors retailers and into Costco stores," the complaint said. RELATED: MICHAEL KORS LAUNCHING BEAUTY LINE "When a consumer 'takes the bait' and seeks to purchase Michael Kors handbags at a Costco store or on Costco's website, no such handbags are available," it added. Michael Kors is seeking a court order to stop Costco from advertising its products, and to recoup profits plus punitive damages stemming from the alleged false ads. A spokesman for Costco, based in Issaquah, Washington, was not immediately available for comment.
Handbags, watches fashion Michael Kors upbeat forecast
However, in MichaelKors case, hes taking legal action against wholesaler Costco for advertising that they sell his labelshandbangs when, well, they dont. MORE: See a 29-Year-Old Michael Kors Posing With His Cat According to WWD , TheMichael KorsHolding Ltd.sued CostcoWholesaleCorp. in New York federal court, claiming the discount retailer falsely advertised that it sold Kors bags ine-mail blasts that it sent out in April before Mothers Day . The e-mailsreportedlyadvertised a selection of designer handbags starting at $99.99, and showcased a big picture of three purses, one of which was by Kors. Several other photos of the designers coveted bags were also featured in the advertisement, according to WWD. MORE: Rihanna Sues Topshop for $5 Million Over Graphic Tees Kors said the brand actively checked Costcos website and sent representatives to 19 stores, and were unable to find any proof that it sold Michael Kors handbags. Honestly, we think thats a pretty cheap trick on Costcos part to lure people onto its website and into its stores, and we dont blame Michael for taking legal action. WWD isreportingthat Kors is seeking an injunction barring Costco fromadvertisingits products, in addition to punitive damages and other unspecified costs. Tags:
Care taker accused of stealing elderly manâ€™s credit card to buy clothes and Michael Kors bag
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Michael Kors Sues Costco Over Ads
The Luxury Goods Worldwide Market Study of 2012 estimated that the global luxury goods market would grow to between $314 billion and $327 billion in 2015 from $251 billion in 2011. The lure of a new brand in the market has also driven growth for Michael Kors in the relatively weak European market. Comparable-store sales in Europe rose 58 percent in the third quarter, the company said. "Their fashion angle is quite attractive and I feel Europeans respond to the fashion credibility that Michael Kors has," Chen said. Chief Executive Idol said he expected Europe to be a $500 million market in which the company would open 100 stores. Kors raised its full-year earnings-per-share estimate to a range of $1.80 to $1.82 from its previous range of $1.48 to $1.50. It also raised its full-year revenue forecast to about $2.1 billion from a range of $1.86 billion to $1.96 billion. Analysts had estimated full-year earnings of $1.57 per share on revenue of $2.01 billion, according to Thomson Reuters I/B/E/S. The largest shareholder in Michael Kors, with a stake of about 16 percent, is Hong Kong-based Sportswear Holdings Ltd, led by Silas Chou and Lawrence Stroll, who have had a hand in developing fashion brands including Tommy Hilfiger and Pepe Jeans.
Michael Kors sues Costco for false advertising of his handbags
geinidecizwh0622 Michael Kors Briefcases are also used today, but usually in office or corporate positions. It actually gives a business type look like a lawyer with a typical hard lined case. But again, with the flow of fashion, these hard lined cases are giving some room to the softer shape bags like vintage satchels. Apart from that, there are some cases where the briefcase could be even carried like a bag on the back -- a backpack. we Michael Kors Bags live in an urban village that is conscious of the image portrayed. That is why, to give the image you want your audience to see, you must care about accessories you use or wear.
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The firm currently has a $90.00 price objective on the stock, up from their previous price objective of $73.00. Piper Jaffray Cos.s price target would indicate a potential upside of 26.90% from the stocks previous close. The analysts wrote, Taking Stock With Teens survey. Murphy noted a staggering move higher in mindshare for Michael Kors across handbags, watches and now jewelry. The survey showed the company wasthe No. 2 preferred handbag among both upper- and average-income consumers, garnering a 21 percent share within both of these income segments. Murphy believes Europe will be thenext catalyst in the model which will likely support a pathway approaching $6/share inearnings over time. Michael Kors Holdings ( NASDAQ:KORS ) traded up 1.66% on Tuesday, hitting $72.10. 2,121,626 shares of the companys stock traded hands. Michael Kors Holdings has a one year low of $46.66 and a one year high of $78.62.
Michael Kors is Suing Costco For Claiming They Sell His Bags
Oscar de la Renta compared her to a "stale 3-day old hamburger," and Lady Gaga even rapped about how much she doesn't like the critic. Perhaps the strongest shun was from Hedi Slimane, who was premiering his first collection with YSL and banned Horyn from attending the show! Horyn claims Slimane is holding a grudge from five years ago and Slimane responded by creating a Twitter graphic with the title, "My Own Times." Lynn Tesaro's Slap Tesaro, the PR rep for Zac Posen, was slapped by Marie-Jose Susskind-Jalou, president of Jalou publishing house, at New York Fashion Week in 2013 right before the Posen show. The tiff was over a lack of seating, with Susskind-Jalou and her daughters confronting Tesoro angrily when they were left without seats for the show. As one of the daughters said afterwards, "Now you know you dont f--k with French people." Roberto Cavalli vs. Anna Wintour In April 2012, Cavalli was asked by La Repubblica what advice he would give to young fashion designers and he dared to cross the great and powerful Wintour.
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Deputies say Edwards used 92-year-old William Blumenfelds Costco credit card without his permission. Deputies spoke with the Palm Beach Gardens man who said he didnt even know his card was missing, according to a probable-cause affidavit. Edwards worked as a care taker of Blumenfeld. A sheriffs deputy conducted a traffic stop on the vehicle Edwards was a passenger in while traveling south in the 870 block of S. State Road 7 in Royal Palm Beach. The deputy said the passenger headlight was not functioning. The deputy told the driver of the vehicle that a smell of marijuana was coming from the vehicle. The driver said he smoked earlier but didnt have any marijuana in his possession, the affidavit says. The deputy failed to find any drug after searching the vehicle. However, the deputy did come across three bags in the backseat.