Michael Kors has found the sweet spot of the fashion industry, consumers with money who aren’t rich yet, serving the lower-upper class, the upper-middle class and the aspiring middle class. This consumer market will allow the brand to grow in many different directions. With MK’s stock more than doubling this fiscal year, it has been able to outperform some of its other high-end luxury competitors, Coach and Tiffany, who have both started to decline in growth charts due to the Chinese, their main dependent, spending less on luxury products.
Michael Kors is the most searched-for brand on the web because of it newest lower-priced line which has brought in a wider range of consumers and expanded the awareness of its brand.
The company has been able to grasp a hold on its consumers by conforming to the proper needs of each consumer, straddling generational and social lines, meeting all cultures and classes. Each product is made to be simple, made-well, not trendy, elegant, wearable, luxurious and timeless.
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