The company will not receive any proceeds from the offering. Michael Kors also announced Lawrence Stroll and Silas Chou would resign from the board of directors as of the date the offer closes. The board will have seven members, five of whom are independent, after they resign.
"Over the past 10 years, Michael Kors has become one of the leading luxury brands in the world," said CEO and Chairman John D. Idol. "The vision for this success has been shared and supported by Lawrence Stroll and Silas Chou, as original majority shareholders of the company.
"We look forward to our continued business relationship with them through their ownership interest in Michael Kors Far East Holdings Limited. On behalf of Michael, myself and our entire Board, I would like to thank Lawrence and Silas for their significant contributions to our success. We believe we have a bright future ahead with continued opportunity for growth."
Separately, TheStreet Ratings team rates MICHAEL KORS HOLDINGS LTD as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICHAEL KORS HOLDINGS LTD (KORS) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."