Michael Kors luxury watches sees surge in sales

First published: 14-02-2013

Watches are far more than a timepiece to many people. They are a fashion accessory and a symbol of their wealth and social status.

With so much riding on picking on the right one, it makes sense that people with money to burn will opt for highly-rated luxury brands. Even in these tough economic times, we still want to look good and convey the right impression to those we meet.

One company that is certainly reaping the benefits of this is Michael Kors, as it enjoyed a 70.4 per cent surge in total revenue for the quarter ending on December 29th last year. Retail net sales went up by more than two-thirds during the same period, while gross profit rose by almost three-quarters.

John Idol, chairman and chief executive of Michael Kors, described this as "exceptional" and said this shows how its selection of products has become "compelling" to people across the globe.

"Our strong third quarter performance reflects sustained brand momentum as the global recognition and appeal for the Michael Kors luxury brand continued to expand," he commented.

Mr Idol said the company was "extremely pleased" to perform so well during the holiday season, as people were tempted by its "innovative" range of designs.

"We believe that the Michael Kors brand is ideally positioned within the global luxury lifestyle market and we look forward to delivering on our long-term objectives," he added.

As a result, we could be set to see more and more people wearing Michael Kors watches in the coming months and years.

The watchmaker has already been receiving positive publicity thanks to its collaboration with the United Nations' World Food Programme, which will see two new unisex watch designs being unveiled. For every one sold, enough cash will be raised to feed 100 hungry children. So it may be the brand to suit those with a social conscience, as well as a keen eye on style and luxury.

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