Michael Kors is looking for a half-billion dollars to fund his brand's global expansion by selling a 25 percent stake in his company, WWD reports. Tommy Hilfiger is reportedly one of the "high net worth" individuals Morgan Stanley recruited, without much difficulty, to invest in the company. With the round of financing closed, and awaiting finalization, Hilfiger would not reveal if this is the case, but he spoke to WWD from Europe:
“Anybody would be crazy not to invest in it. Michael Kors is the next major global player in my eyes.”
An investment banker at Morgan Stanley revealed that, like selling the designer's clothing or his quips on Project Runway, selling his company wasn't all that hard: "They’ve been fairly quite successful in raising money. The [Michael Kors] business is very successful." Sources add that Kors, who plans to open 50 locations across China over the next year, will go for an IPO soon after the private sale — something a big American label hasn't done in a long time.
Meanwhile, Hilfiger, whose priority is his own company that generates $4.6 billion in global sales, is also rumored to be working on a Tommy Hilfiger hotel to open in Manhattan — something even Donna Karan and Calvin Klein haven't done.