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Michael Kors has global expansion on the brain, and he's looking to raise about $500 million to bring that dream to life. According to the Post, he's trying to gather the big bucks through a "pool of well-placed private investors" and is hoping to sell an equity stake of roughly 25% in the next few months. He's also looking to double the current amount of MK stores (right now, there's over 100 shops throughout the world) by 2012.
This would mean that the value of Michael Kors would jolt up to a dramatic $2 billion from that equity sale, so it's kind of a big deal. And as of now, $2 billion is just about double the company's annual revenue. A Post source says that "people seem to be falling over each other to be a part of this," despite the high price tag.
The reason why? Michael Kors has nearly doubled in size in the past four years, and the brand has been turning out profits like they're going out of style. With spending all of that time as a discerning fashion critic on Project Runway, it's amazing that Kors has managed to find the time.
· Kors' $500M move [NY Post]