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The Deal: Searching for the Next Michael Kors at Fashion Week

In the seven years since its founding in 2005 -- propelled by the designer's oversized "Morning After Bag" -- the brand grew into a $60 million business by 2012, up from about $10 million in 2009, according to Inc. magazine, growing 500%.

And it's that youth that gives investors hope. Granted, $60 million in sales is a long way from $1 billion, let alone a few billion dollars -- something executives at the fashion company would acknowledge.

But Rebecca Minkoff has a strong partner in China, which manufactures the company's accessories. Its partner plans to open 35 stores across that country, betting on the growth of China's middle class and a shift in demand to more accessible contemporary luxury goods.

Success for these brands, according to Leonhardt, relies on having an aesthetic that consumers on the street can easily identify with or relate to, and of course, just offering up desirable product. But there is no formula, she added.

Helping to fuel the growth of such companies is not only accessories, but a growing middle class in emerging markets. There may not be 20% growth in China, for example, Leonhardt said, but there will still be attractive opportunities for expansion.

And perhaps more shows in, say, Shanghai.

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