Michael Kors to Sell More Shares

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NEW YORK, NY - DECEMBER 01: Michael Kors attends People Magazine and Christie's Elizabeth Taylor Collection preview event at Christie's on December 1, 2011 in New York City. (Photo by Michael Loccisano/WireImage for People Magazine) Photo: Michael Loccisano/2011 WireImage/2011 WireImage

Michael Kors is set to sell another 25 million shares of his company, according to a filing with the Securities and Exchange Commission. The Kors stock price has nearly doubled since the company went public in December, and at the current price of $49.59, this second sale would raise $1.24 billion. Proceeds would go to the selling shareholders, which include Michael Kors, CEO John Idol, senior vice president of business affairs Lee Sporn, and Sportswear Holdings — a company controlled by Kors directors Silas Chou and Lawrence Stroll.