Michael Kors IPO: $3.6 Billion
That stock is insaaaaaane!
Michael Kors Holdings has become the first major American fashion label to become an IPO (initial public offering) in years, Women's Wear Daily reports.
Trading on the New York Stock Exchange under the ticker "KORS," the designer and his partners, Lawrence Stroll and Silas Chou, could rake in upwards of $111 million should the IPO reach its anticipated value of $3.63 billion. Gulp.
Want to get in on the action? Kors, who recently sold a minority stake in his company for $2.5 billion, is selling shares of the company for $17 to $19 apiece. Hello, stocking stuffer!
The SEC filing also reveals a new contract that will keep the newlywed Kors at his eponymous label until death, disability, or dismissal "for cause."
He will also bring in a minimum annual salary of $2.5 million for life, plus other perks.
Not bad for a guy who once filed Chapter 11, eh?
In related news, check out the full Michael Kors Spring 2012 collection.
