Michael Kors Holdings Ltd., the luxury fashion and accessories brand, has announced its decision to prepare an Initial Public Offering in New York, hoping to raise about $900 million.
The company has set the price range for the offers at $17 to $19 a share, with plans to sell 41.7 million shares. The Hong Kong-based company is known for its eponymously named luxury lifestyle brand.
Michael Kors Holdings, named after Chief Creative Officer and Director Michael Kors, has 169 stores in North America and 34 in Europe and Japan. The company, which is present in 74 countries, generated $803 million in revenues in fiscal 2011, up 58 percent from the year before.
A total of 5.8 million shares are being offered by Kors himself, while Chief Executive Officer, John Idol and the company's largest existing shareholder, Sportswear Holdings Ltd.
Despite the choppy share markets, several companies have pushed ahead with their plans to go public. Zynga, games developer for social networking sites like Facebook, for example, unveiled plans last Friday, to raise about $1 billion.
Meanwhile, Michael Kors Holdings has granted underwriters to the right to purchase an additional 6.25 million shares, to cover over-allotment. It plans to list its common stock on the New York Stock Exchange under the symbol KORS.