Markets Magazine
Luxury Beats Technology as Michael Kors Tops Ranking of IPOs
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In 2003, fashion house Michael Kors Holdings Ltd. was struggling.
“It was losing money and probably would have gone out of business had we not bought it,’’ said Chief Executive Officer John Idol in a speech at the University of Pennsylvania’s Wharton School in March. Idol, 53, a former CEO of Donna Karan International Inc., took over the company with partners that included Sportswear Holdings Ltd., a Hong Kong-based private equity firm.