US-based global luxury lifestyle brand Michael Kors Holdings Limited has announced closure of more than 100 of its full-price retail stores over the next two years.
As on April 1, 2017, the company operated 827 retail stores, including concessions, compared to 668 retail stores, including concessions, at the end of the same prior-year period. It had 133 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 960 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2017.
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Drop in revenue in the fourth quarter of the year is reportedly the reason behind the fashion brand’s latest move. Its total revenue decreased 11.2 per cent to US $ 1.06 billion from US $ 1.20 billion in the fourth quarter of fiscal 2016.
