Michael Kors
Michael Kors International Vision
S.W.O.T analysis
Strengths
The first strength of MK brand is that it is resilient and adaptable. The manager of MK knows how to rescue and optimize the brand when the quality was not very high, especially at the beginning time when the MK just established. And the management of MK has been able to increase its price constantly thus making the quality went up as well in order to making more profits. Besides, Michael Kors, a world-renowned designer, individually lead his team. And, he is very involved with the marketing and publicity strategy since the company set up, and dominantly responsible for directing the design of all products with a unique advantage.
And, MK brand is really a potential brand with the high-quality goods and suppliers. It is the most rapidly growing luxury lifestyle brand. “According to the Altagamma Studies , from 2005 to 2010, the accessories product category was the fastest growing product category in the global luxury goods industry representing 25% of total luxury goods sales” (2013). Although the majority of current sales come from the North America, MK still continues to build up and expand its market and brand awareness in EU and Asia. “Michael Kors operates in the growing global luxury goods industry, which, according to the Altagamma Studies , is predicted to grow from $230.1 billion in 2010 to between $299.3 billion and $305.9 billion in 2014, representing a 7% compound annual growth rate” (2013).
Figure 1, Source: Experian Marketing Services, 2013 YTD.
According to this chart, we could figure that MK has gradually and quickly improve its value in the short time, has become the major competitors by other brands, “Five luxury brands capture 75% traditional online market share and 68% mobile market share, based on 2013 YTD traffic to 52 sites in this study. These are Ralph Lauren, Coach, Michael Kors, Louis Vuitton and Gucci” (2013).
In addition, currently, the MK brand is known for its
S.W.O.T analysis
Strengths
The first strength of MK brand is that it is resilient and adaptable. The manager of MK knows how to rescue and optimize the brand when the quality was not very high, especially at the beginning time when the MK just established. And the management of MK has been able to increase its price constantly thus making the quality went up as well in order to making more profits. Besides, Michael Kors, a world-renowned designer, individually lead his team. And, he is very involved with the marketing and publicity strategy since the company set up, and dominantly responsible for directing the design of all products with a unique advantage.
And, MK brand is really a potential brand with the high-quality goods and suppliers. It is the most rapidly growing luxury lifestyle brand. “According to the Altagamma Studies , from 2005 to 2010, the accessories product category was the fastest growing product category in the global luxury goods industry representing 25% of total luxury goods sales” (2013). Although the majority of current sales come from the North America, MK still continues to build up and expand its market and brand awareness in EU and Asia. “Michael Kors operates in the growing global luxury goods industry, which, according to the Altagamma Studies , is predicted to grow from $230.1 billion in 2010 to between $299.3 billion and $305.9 billion in 2014, representing a 7% compound annual growth rate” (2013).
Figure 1, Source: Experian Marketing Services, 2013 YTD.
According to this chart, we could figure that MK has gradually and quickly improve its value in the short time, has become the major competitors by other brands, “Five luxury brands capture 75% traditional online market share and 68% mobile market share, based on 2013 YTD traffic to 52 sites in this study. These are Ralph Lauren, Coach, Michael Kors, Louis Vuitton and Gucci” (2013).
In addition, currently, the MK brand is known for its