If it seems like you see a Michael Kors purse on every shoulder when you walk down the street or hit the mall, there’s something to your observation: The brand had a years-long hot streak after going public in 2011 when its jet-set-inspired handbags and accessories became a must-have for aspirational luxury shoppers.
But in the last year, investors and fashion insiders have begun to wonder if the brand was shooting itself in the foot by muscling into so many malls and by selling its bags for promotional prices that made them more accessible to the masses.
Sales growth slowed dramatically, suggesting that as the brand became more ubiquitous, it was starting to lose some of the exclusive vibe that made it a hit in the first place.
Kors said that comparable sales — a measure of sales at its stores open more than a year — were down 0.9 percent in most recent quarter.
