The company has hired Perella Weinberg Partners as its financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison as its legal counsel.
Michael Kors CEO John Idol said on the company's recent earnings call that it has "the capacity to do sizable transactions or smaller transactions, but what we said to you in the past is that we probably won't do anything small."
Additionally, Kate Spade this morning reported fourth-quarter earnings a week earlier than scheduled.
The New York City-based retailer said adjusted earnings rose to 41 cents a share from 32 cents a share in the year-ago period, and topped analysts' estimates of 34 cents a share.
Revenue rose 9.8% year-over-year to $471 million, but missed the FactSet consensus of $472 million.