Michael Kors HoldingsMichael Kors Holdings ( KORS) is another fashion brand that's been rallying in 2012. The only difference is that the rally in KORS puts even Gap to shame -- the firm has seen its share price increase by nearly 76% since the first trading day of January. Now, the question is whether Michael Kors can continue its breakneck trajectory . . . . Luxury goods have shown surprising strength for the past few years, remaining relatively inelastic in the headwinds brought on by the recession of 2008, but enjoying increased sales as those headwinds abated. Michael Kors is no exception. The firm's breakneck price action has been matched by breakneck revenue and earnings growth, spurred on by a fast-growing store footprint and an "accessible luxury" model that's proven so successful in the last several years. While KORS' status as a recent IPO adds an uncertainty factor to shares, the fact that the company generates substantial cash and sports a debt-free balance sheet should impress even the most risk-averse investors right now. While shares are hardly cheap, now looks like a good time to take advantage of momentum in this stock.