Word: stroll
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...eyewear and watches. "Kors has partnered with people who are very smart and very successful," says Janice Kaplan, executive vice president of ready-to-wear at Federated Department Stores, the retail giant that will feature the line in Bloomingdale's, Macy's, Burdines and Bon-Macy's. "Chou and Stroll know how to market. Look what they did for Tommy Hilfiger. Before them he was a total unknown...
...Chou and Stroll have grown confident in their ability to predict changing consumer tastes and then to satisfy the new appetite. It sounds simple, but just how do you dress 100 million Americans? "Every generation of consumers has a specific taste," says Chou. "In the '80s it was Waspy, which is what Ralph Lauren delivered. Then in the '90s the urban and street look took off, and Tommy Hilfiger owned that. Today the consumer is swinging back. They want smart casual...
...Michael-as-Ralph strategy is the brainchild of Kors' financial backers, Silas Chou and Lawrence Stroll, who bought a majority stake in Kors' company for a reported $100 million in January 2003 through their firm Sportswear Holdings Ltd. "It was time for him to become the next great American designer," says Stroll, who, along with Chou, conducted a "simple process of elimination" before they put their dollars behind Kors. "We wanted to invest in someone who is American, whose style is aspirational and who is seasoned but not too old. With these criteria, there were surprisingly few names to choose...
...Stroll and Chou intend to change that by turning Michael Kors into a $1 billion brand within a decade and taking the company public along the way. It's an ambitious plan to say the least, but they've done this kind of thing before. Canadian-born Stroll and Hong Kong--based Chou were the masterminds behind Ralph Lauren's international licensing deals throughout Europe in the 1980s. In the '90s, they put their money and Seventh Avenue experience behind a novice designer named Tommy Hilfiger. They took Hilfiger from a $25 million jeans business to a $1.8 billion global...
...secret of their success is the combination of Chou's manufacturing power--his family owns Novel Denim, one of the largest suppliers of textiles, sweaters and yarns in the Far East--and Stroll's keen knowledge of international distribution, product development and marketing. With Hilfiger, they were able to use manufacturing muscle to lower prices below those of competitors like Ralph Lauren. They also invested millions of dollars in advertising, flooding international markets with Hilfiger's name and attracting a trend-setting young urban crowd to the brand. In 1992 they took the company public with one of the industry...