Michael Kors is now a billionaire
Holiday slump be damned.
According to Forbes, this has made Kors himself a billionaire (he is the third shareholder to reach that personal benchmark, thanks to Michael Kors Holdings). Stocks jumped nearly 20 percent after the company's earnings call Tuesday morning.
In North America, revenue increased 51 percent, largely due to accessories and watch offerings, while Europe saw growth of 144 percent for the quarter. The brand attributes that to growing brand awareness.
Michael Kors' beauty line, which launched in August, has also done well. On Tuesday's earnings call, a rep said that in a few years they expect Kors to be one of the "most significant brands in the fragrance and beauty market globally." Big aspirations, but perhaps not out of reach, given how well the company has been doing.
In addition to launching stateside in Macy's and Michael Kors stores, the beauty line is available in Europe, which the company believes has enhanced overall brand awareness abroad. Beauty will be rolling out in additional European markets, the Middle East and select markets in Asia in 2014.
This is all good news for Bernard Arnault, who has said that he hopes Marc Jacobs' IPO will be even half as successful as Kors'. Although Marc Jacobs and Michael Kors don't have exactly the same customer base, it seems that with the right marketing, the thirst for luxury brands is alive and well.
More from Fashionista:
Vogue goes digital with a new Flipboard partnership
J.C. Penney sees quarterly sales growth for first time since 2011
Miranda Kerr is the new face of H&M