From: ASAP
Michael Kors, L.L.C., Sportswear Holdings Limited and LVMH Moet Hennessy Louis Vuitton Inc. jointly announced today that Sportswear Holdings Limited, together with Mr. Kors, has acquired all of the interests in Michael Kors held by LVMH, John Orchulli, Co-Chairman and CEO of Michael Kors, and Onward Kashiyama U.S.A., Inc. Terms were not disclosed.
Sportswear Holdings Limited, controlled by Silas Chou and Lawrence Stroll, has a more than 20-year track record of successfully building world-class brands, including British luxury brands Asprey and Garrard, Tommy Hilfiger and Polo Ralph Lauren Europe.
"Michael Kors is among the most talented designers in the world," commented Lawrence Stroll. "Silas and I are excited to expand our luxury group and see significant opportunities to grow Michael Kors as an American luxury lifestyle brand. We are looking forward to working with Michael to realize this potential, building on the brand's excellent reputation, clearly defined vision and successful 20-year history."
Michael Kors is one of America's preeminent designers specializing in luxury sportswear. His namesake company, established in 1981, produces a range of products through his Collection and KORS Michael Kors labels, including women's and men's ready to wear, women's shoes, handbags and eyewear, as well as a full line of fragrance and beauty products for both men and women.
Since 1997, Mr. Kors has also served as the women's ready to wear designer for Celine (a division of LVMH), and was named Creative Director for the house in 1999. Concurrent with today's announcement, Mr. Kors has extended his Celine contract.
Yves Carcelle, President of the LVMH Fashion and Leather Goods Group, noted, "This transaction benefits all parties. We have been pleased with our investment in Michael's company and look forward to our continuing relationship with him as the Creative Director of Celine."
Mr. Kors stated, "I am thrilled to enter into a long-term partnership with Silas and Lawrence and to work with them to further develop and expand the Michael Kors brand. John and I have found LVMH to be a terrific partner, and I look forward to a continuing relationship with them in my role at Celine." Mr. Orchulli added, "I am excited for Michael and know the company is in good hands. This is a 'win-win' for everyone."
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