If you’ve ever been shopping for a new handbag, chances are you’ve seen a Michael Kors bag in your search. The brand is synonymous with jet-set style and sleek sophistication, attracting celebrity fans including Gwyneth Paltrow and Jennifer Lopez. Founded in 1981, the label is a namesake lifestyle brand with collections that include menswear, shoes and accessories as well as women’s ready-to-wear. Initially met with fame after working as head designer at French luxury label Celine, the American designer grew his namesake brand by offering sophisticated pieces that embody the carefree American attitude of a shopper.
But the fashion world’s current obsession with smaller bags is hurting sales growth for the once-hot brand. A recent earnings call revealed comparable sales fell 8.5%, a worse result than the previous quarter and the third straight decline in that metric, reports Wells Fargo analysts. The company also noted that its sales at department stores like Macy’s have declined.
A big part of the problem is that smaller bags are less expensive to buy than larger purses, resulting in lower overall revenue for Kors, according to the Wells Fargo report. Adding to the woes, resale sites like The Real Real and Rebag are stealing some of the market share away from the brand that once dominated at these outlets.
The good news is that Michael Kors is stepping up its game and adding more accessories, expanding its men’s line and even purchasing high-end shoemaker Jimmy Choo to help re-energize the business. But as the brand becomes more ubiquitous and its prices drop, investors are wondering whether it’s losing the cachet that made the name a hot fashion staple in the first place.
Fortunately, there are still ways to score a new MK bag for yourself or as a gift for mom, and one of our favorite hacks is looking through the retailer’s sale selections for some of its best-selling styles that have been marked down. Currently, the brand’s 2021 summer sale has markdowns on totes, crossbodies and backpacks that are almost too good to be true.
If you have a particular look in mind, check out the label’s free monogramming service on selected styles to add a personal touch. The option is available through the product details page and valid on orders of $50 or more, with a maximum of three characters. Just remember that monogrammed items cannot be returned or exchanged. For a complete list of rules and regulations, click here. The Michael Kors bags on sale are only available for a limited time, so make sure to shop now to snag yours before they’re gone. And be sure to take advantage of the free 2-day shipping on all orders over $25 before Mother’s Day. michael kors bags sales