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Michael Kors Handbag Sales Decline

If you’re in the market for a new bag this season, Michael Kors has some major deals to shop right now. The designer brand is slashing prices on purses for the summer, with savings up to 40% off. You’ll find styles in a variety of colors, from the classics to the trendy. Plus, some styles are available as part of the KORSVIP loyalty program, which offers members free shipping and returns, private styling appointments and birthday rewards.

Founded in 1981, Michael Kors created his namesake label with the idea of providing women with elegant accessories that exude uptown style. The collection features everything from modern Jet Set bags to sophisticated sling bags and backpacks. The brand’s innate sense of glamour makes it the perfect accessory to elevate everyday looks, from running errands to going out for a date night.

In recent years, the company had been one of the fastest growing fashion brands with four straight years of 25% sales growth. But in its latest quarterly results, Michael Kors reported a 6.4% drop in sales at stores open for more than 12 months. The brand also cut forecasts for the year. Kors CEO John Idol cited a “difficult retail environment,” which he blamed on a shift away from larger handbags in favor of small cross-body bags. He promised the brand would ramp up craftsmanship and use higher quality leather in an effort to convince shoppers to pay more for its wares.

The global luxury handbags market is segmented based on type, material and distribution channel. The types of bags include Shoulder Bags, Sling Bags, Tote Bags and Briefcases. The material used for these bags includes leather, cotton, nylon and synthetic. The distribution channels for these bags include online and offline. The resale market is also a significant factor driving the global luxury handbags market. Companies such as Rebag and The Real Real offer high-end, pre-owned designer bags at a fraction of their original cost.

The global handbags market is dominated by North America with a share of 31.5% in 2021. The demand for these products is increasing due to the changing lifestyle of people and increased disposable income in this region. The North America market is expected to grow at the fastest pace during the forecast period. The main players in the global handbags market are Tapestry, Inc; LVMH Moet Hennessy Louis Vuitton SA; Michael Kors; Ted Baker PLC; and Gucci Group. The competition is intense among these players, which are focusing on innovative design to increase their customer base. These factors are expected to drive the growth of the handbags market in the coming years. michael kors handbag sales


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