The unthinkable has happened, Michael Kors has announced that they will be forced to close stores due to a decline in revenues.
We mean, with so many high-end and quality products on the market, it is not that surprising that this has happened. But, with all the expansions into clothing lines, shoes, and jewellery, most consumers would not think that Michael Kors was experiencing any financial difficulties what-so-ever.
Unfortunately, the company will be closing 100 to 125 full-price stores globally over the next two years. Specifically, for the fiscal year overall, revenue decreased 4.6 percent to $4.49 billion from $4.71 billion in fiscal 2016.
We mean, $4.49 billion dollars? Still not too shabby. Let’s just hope after being around for so long, Michael Kors still has it in him to step up his game amongst competitors.
Information gathered from The Fashion Law.