Michael Kors plans to cut up to 125 stores over the next two years. The news comes as the company reports plummeting revenue and sales for the fourth quarter and full 2017 fiscal year, ended April 1. As a result, the brand is officially in transition mode.
The company, which had been rumored to be in hot pursuit of Kate Spade, had been going strong, gaining momentum during the recession by outplaying rival Coach with its own accessories game. Now, like Coach, the brand is in need of a product, store and distribution overhaul. It has already starting pulling back from department stores, and the heavy promotions found there, and looking to online for a lifeline.
Read more at Sourcing Journal.