Michael Kors USA, Inc. has been defined down to one word, classic. As of
2011 Michael Kors has become one of the most successful American
fashion designers. The company's take on product development and
management is simplicity.
Strengths: Mickael Kors Inc. design vision is led by the world renowned, award winning designer, Michael Kors. The solid foundation we built for continued long-term global prosperity and best-in-class growth metrics has its luxury lifestyle brand in rapid advancement. Michael Kors is the youngest man and company to receive the CFDA Women’s Fashion Designer of the Year Award, the CFDA Men’s Fashion Designer of the Year Award, the ACE Accessory Designer of the Year Award, and the CFDA Lifetime Achievement Award, along with other awards. The company has the fastest growing accessory product category in the global luxury goods industry. Other strengths include: strong relationships with premier wholesale customers, growing license segment, and preparing to take share in the growing global accessory product category.
Weaknesses: Recessions in the general economy can greatly affect consumer spending habits which negatively affects purchases made towards the accessory, footwear and apparel industries. Profitability can decline in this highly competitive industry. Its competitors include, among others, Coach, Burberry, Ralph Lauren, Hermés, Louis Vuitton and Prada. Being a smaller company who is not as diversified as others, they will not be able withstand any periodic downturns to their accessory, apparel and footwear industries. Michael Kors products may not be innovative enough to meet the standards of the rapidly changing fashion and retail trends.
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