Fashion
Affordable luxury leather goods brand Michael Kors has finished renovating its flagship store in Manila, reopening to the Filipino customer in October 2017.
Located at Greenbelt 5, the improved Makati store unveils a new play on metal accents — as seen on shelves and fixtures – for the US brand.
The New York handbag and accessories retailer is locally distributed in the Asian nation by Stores Specialists Inc. (SSI), and is looking to ramp up sales in the Philippines.
“Michael Kors has contemporary styling and great value. It is very up to date with trends interpreted in a way that resonates with every kind of style,” SSI Group president Anton Huang, told local media.
According to Huang, Michael Kors bags, accessories and footwear remain the Philippines’ most sought after item.
However, Michael Kors Philippines has witnessed an increase in sales for ready-to-wear lines, adding the brand’s success is rising as more customers adopt a sophisticated lifestyle.
“Ready-to-wear apparel has become more important to our customers. It is been successful. For apparel, there’s growth season after season.”
In addition to the newly reopened Makati flagship, Michael Kors has other stores in the Philippines located at Central Square on Bonifacio High Street, Newport Mall, Power Plant Mall, Rustan’s Makati, and Shangri-La Plaza Mall.
Kors had been grappling with declining sales in recent quarters as more people shop online. The firm has faced over-distribution of its products and a reliance on promotions to boost sales also eroded some of Kors’ brand value and its appeal.
However, in August 2017, Michael Kors Holdings reported better-than-expected profit for the first quarter as it cut down on promotions and sold more premium handbags, it said.
Looking ahead, the company expects fiscal 2018 revenue of about $4.28 billion, slightly higher than its earlier forecast of $4.25 billion.
