After 30 years in the fashion business, Michael Kors' blockbuster IPO and first day on the stock market officially makes his label one of the biggest in fashion history.
Yesterday, Mr. Kors -- along with business partners Silas Chou and Lawrence Stroll of Sportswear Holdings Ltd. -- joined the ranks of Ralph Lauren, Donna Karan and Tommy Hilfiger with a grand debut at the New York Stock Exchange (where he also rang the bell).
Kors' share initially opened at $25, which was up quite a margin from the $20 offering price, and ultimately closed Thursday at $24.50, bringing in a $944 million windfall from the IPO, reports The New York Times.
The opening eclipses even Ralph Lauren's tremendous 1997 public debut, which earned $744 million.
For Kors, who -- along with Chou and Stroll -- resuscitated the business from bankruptcy in the early '90s, the opening day bonanza is right in step with the company's considerable new growth, doubling profits in the last fiscal year and increasing sales up to 60 percent.
According to WWD, the company still has plenty of room to grow, especially internationally -- considering that only 10 percent of its current wholesale accounts are located outside of the United States -- and in terms of accessories production, where Kors is expected to expand his market share up seven percent through 2014.
With an 8.6 percent ownership stake, Kors' own wallet is sure to feel a lot heavier after yesteday's success.
