Sportswear Holdings Ltd, the holding company for lifestyle fashion marketer – Michael Kors Holding Ltd is selling its entire stake in the company that it founded.
Sportswear Ltd is selling its entire or 5.7% stake in the handbags and fashion apparel retail business totalling to 11.6 million shares at $76.75 per share amounting to $890 million.
Michael Kor said it will not receive any proceeds from the sale of shares by Sportswear Holdings.
For the first quarter ending June 28, 2014, Michael Kors reported a sales surge of 43.4% to $919.2 million at Michael Kors from $640.9 million in the corresponding quarter of 2013.
Net income too zoomed to $187.7 million or $0.91 per diluted share from $125.0 million or $0.61 per diluted share it posted in first quarter of 2013. (AR)
Fibre2fashion News Desk - India