The luxury brand, Michael Kors, was first established in 1981 by owner, head designer, and name-sake Michael Kors. The company, which caters to a wide range of customers, has gained popularity for their handbags, watches, perfumes, women’s wear, men’s wear, and couture. While producing a variety of products, Michael Kors has also adapted innovating marketing strategies which attract their customers. Over the past thirty-six year, Michael Kors has demonstrated their ability to thrive and succeed in the always changing fashion industry. After careful consideration, I find that it would be in the best interest that Tech Shield invest in Michael Kors. The current financial standing, innovating marketing strategies, and business ethics of Michael
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Renovating current stores will attract a modern audience and improve the already wide range of customers. To improve customer service MK plans to implement a loyalty program, granting loyal customers access to exclusive content. The frequent discounts made customers and investors question whether MK was a luxury brand or discount brand; Runway 2020 will help reposition MK as a luxury brand by recreating their image. As seen in figure 1.1, by 2020 MK plans to change their product diversity. Their new plan will reduce handbags produced, increase footwear and men’s wear thus increasing sales. Since announcing later phases, stock prices began to rise and are now selling for the highest price all year. All though phase one of Runway 2020 may have seemed detrimental to MK, the thirty-six-year-old company has shown that it is able to survive and promises a successful …show more content…
For the over thirty years Michael Kors has donated to the organization God’s Love We Deliver. The organization ensures citizens of New York do not go hungry also added Michael Kors to their board of directors 4 years ago. After years of charitable donations and service, the organization named their latest building after Michael Kors himself. Michael Kors also uses their strong social media presences and celebrity connections to promote the charities annual fundraisers. Michael Kors invites celebrities to walk the red carpet, allowing the company to advertise their couture while connecting their followers with their desire to give
Renovating current stores will attract a modern audience and improve the already wide range of customers. To improve customer service MK plans to implement a loyalty program, granting loyal customers access to exclusive content. The frequent discounts made customers and investors question whether MK was a luxury brand or discount brand; Runway 2020 will help reposition MK as a luxury brand by recreating their image. As seen in figure 1.1, by 2020 MK plans to change their product diversity. Their new plan will reduce handbags produced, increase footwear and men’s wear thus increasing sales. Since announcing later phases, stock prices began to rise and are now selling for the highest price all year. All though phase one of Runway 2020 may have seemed detrimental to MK, the thirty-six-year-old company has shown that it is able to survive and promises a successful …show more content…
For the over thirty years Michael Kors has donated to the organization God’s Love We Deliver. The organization ensures citizens of New York do not go hungry also added Michael Kors to their board of directors 4 years ago. After years of charitable donations and service, the organization named their latest building after Michael Kors himself. Michael Kors also uses their strong social media presences and celebrity connections to promote the charities annual fundraisers. Michael Kors invites celebrities to walk the red carpet, allowing the company to advertise their couture while connecting their followers with their desire to give