Michael Kors Shareholders to Offer 25 Million Shares

Michael michaelkorsbagmk.com Kors Holdings Ltd. (KORS) said certain stockholders plan to offer 25 million shares, as investors look to cash in following a recent run-up of the specialty retailer's shares. Among the selling shareholders, Hong Kong private-equity firm Sportswear Holdings Ltd. will sell about 20 million shares, reducing its current 15.6% ownership stake to 5 .8%, according to a filing with the Securities and Exchange Commission. Michael Kors, the company's honorary chairman and chief creative officer, will offer three million shares, lowering his current 3.9% stake to 2.4%. The company had about 200.3 million ordinary shares outstanding as of Feb. 13, according to the filing. Michael Kors's stock has been on a run of late, climbing 55% over the past 12 months. The shares have jumped 15% this month alone, amid the company's latest blockbuster results. Last week, the company reported its fiscal third-quarter earnings surged as it continued to see strong demand for its high-end merchandise and continued opening stores. Earnings and revenue beat expectations and Michael Kors raised its fiscal-year guidance. The company, which went public in December 2011, sells handbags, clothing, footwear and other apparel and accessories through shops-within-shops in luxury department stores and its own company-operated Michael Kors Factory Outlet shops. Shares were off 2.8% to $63.03 after hours Tuesday.