In a major step to become an all-encompassing lifestyle brand, Michael Kors announced that Mark Brashear has been named to the newly created role of president of men’s. He will report to John D. Idol, the company’s chairman and chief executive officer.
Brashear’s appointment is expected to be paramount in the development of the Michael Kors men’s business. In the coming months the brand plans to launch a men’s fragrance, debut a collection of men’s watches and will open its first flagship store in New York City that will feature the full men’s offering. Freestanding men’s stores will begin to roll out in the fall. “The addition of Mark to our team now enables us to build substantially on the momentum we’ve created,” Idol said.
Brashear’s experience touches on many levels of the luxury men’s market, most recently at Hugo Boss where he held the position of CEO and chairman for the Americas. Brashear was key in evolving Hugo Boss’ owned-retail strategy. He also served as president of FaÃ§onnable from 2001-2008 and as executive vice president of the Southwest unit, at Nordstrom from 1993-2001.
“The potential for Michael Kors Men’s is simply enormous, as anyone who knows the brand can see,” Brashear said. “I’m excited to be joining such a dynamic team and look forward to contributing to the growth of this powerful brand.”
Brashear’s optimism for the brand’s future is backed by surging sales figures. In May, Michael Kors announced a 51.8% increase in total revenue for fiscal year 2014 ended March 29, amounting to $3.3 billion, up from $2.2 billion in fiscal 2013. For the first quarter of fiscal 2015, the company expects total revenue to be in the range of $840-850 million. Looking ahead, Idol said the company remains poised to capitalize on Michael Kors’ distinct position within the global luxury market as it continues to execute its long-term growth strategies.
Expanding Michael Kors’ presence in Asia is a major component of that plan. In June, the company named Stephane Lafay to the newly created role of president of Asia. Lafay, mostly recently Tiffany & Co.’s senior vice president for its Asia Pacific and Japan markets, was brought on to build on the brand’s increasing popularity in the Asia region.
“The Asian market is an important region for us to develop as we continue to grow our global luxury brand,” Idol said. “We’re excited to take advantage of the momentum our brand has recently generated. In the past two years we’ve been able to double our store count to over 100 locations in the region. Stephane’s experience and leadership will help enable us to capitalize on our momentum in the region.”