Michael Kors, a global luxury fashion brand company, recently announced their plans of closing up to 125 stores over the next two years .The company hasn’t yet disclosed the list of stores that would close down.During their recent quarterly report they said:
“Our product and store experience did not sufficiently engage and excite consumers,” Chairman and Chief Executive John Idol said in a statement.
“We need to take further steps to elevate the level of fashion innovation in our accessories assortments and enhance our store experience,” Idol added in the statement.
The London based company which was once a fashion necessity and was one of the most strongest growth stories in retail lately showed disappointing figures and a massive drop in sales over the past couple of years leading to a decline in shares of 8.5 percent.
The plan to close down stores however expects to save the company $60 million.