The brand’s iconic pieces exude refined glamour and uptown style. Launched in 1981, American designer Michael Kors’ namesake line fuses jet-set sophistication with polished minimalism to create an array of versatile ready-to-wear and accessories. Incorporating references from classic American sportswear and French couture, his modern Jet Set collection is synonymous with elegant sophistication.
Despite the high-end reputation of the brand, Michael Kors handbag sales have dipped as shoppers have been increasingly shifting to smaller, crossbody bags, according to research from NPD Group. The resale market has also been a factor, with companies like The Real Real and Rebag offering discounted purses from brands including Chanel and Fendi. Tapestry, the parent company of Coach and Kate Spade, and Michael Kors owner Capri Holdings have both lowered their full-year sales forecasts as a result of the trend.
While it is still early in the year, these markdowns may indicate that the industry is slowing down. The recent drop in the price of oil is reducing disposable income, which could impact luxury goods purchases. Nevertheless, the luxury bag market is expected to grow steadily in 2022.
A large part of the growth in this market will come from emerging countries. For example, in China, the demand for designer handbags has grown significantly over the last few years. This is mainly due to a rise in the middle class and changing consumer tastes. The Chinese government is also making it easier to own luxury goods. The country recently removed restrictions on foreign ownership of luxury firms.
With the right approach, Michael Kors can revive its handbag sales. It is trying to attract shoppers by ramping up craftsmanship and offering higher-quality leather. Its strategy echoes that of Coach, which is working to persuade customers to pay more for its handbags.
For shoppers looking for a bargain, Michael Kors offers a selection of purses at the discounted prices of up to 40% off. The sale also includes a range of shoes and accessories. These bargains are a great opportunity for shoppers to stock up on holiday gifts or update their own wardrobe.
The sale is running through Tuesday, June 27. Those who want to save even more on their purchase can sign up for the KORSVIP loyalty program. Members can enjoy free shipping and returns, private styling appointments, birthday rewards and exclusive sales. In addition, they can also get $50 off their first $200 purchase. Sign up for the program here. Alternatively, shoppers can shop the sale on Macy’s website. However, the site notes that some styles are sold out and that it is only selling what’s in stock.