It was a fashionable morning on Wall Street this A.M. as executives from Michael Kors Holdings -- including Michael Kors himself -- gathered at the New York Stock Exchange to ring the opening bell and commemorate the company’s initial public offering.
In honor of the occasion, Kors (who serves as chief creative officer), chairman & CEO John Idol, director Silas Chou, director Lawrence Stroll and EVP, CFO & COO Joe Parsons, rang the NYSE opening bell in honor of this morning's first trading of Michael Kors Holdings, under the ticker symbol “KORS.”
Kors posed for photos in aviator sunglasses with his mother Joan (so cute!) outside the NYSE this morning. His stock opened at $25, higher than the the expected $17-$19 per share, according to a tweet from WWD.
The Kors IPO was valued at $3.6 billion this weekend, and shares priced from $17 to $19, although the New York Times reports that analysts fear the sales could eventually fall tepid, given the inherent flash-in-the-pan nature of fashion.
But that doesn't mean Kors is in danger of running out of money, as his sprawling ready-to-wear empire continues to expand all over the globe; the brand's net income soared 84.7 percent during fiscal 2011, from $72.5 million from $39.2 million.
Much of the company's growth can be attributed to the wild popularity of Kors' lower-end Michael by Michael Kors line, which a Kors executive cheekily described to potential investors last week as "Hermes for Staten Island." The cheaper ready-to-wear clothes and purses sell at Macy's and other department stores, as well as discount retailers like TJ Maxx.
Kors, who first launched his namesake line in 1981, might have television to thank for his surging profits: after years of starring as a judge on Lifetime's "Project Runway," he's become a household name among even the fashion apathetic.
Check out photos of the famously spray-tanned designer on Wall Street below (we'll add more as they come in!).
