Michael Kors 大衆化還是曝光過度

Luxury is a snob's game, and Michael Kors Holdings Ltd. wants to democratize it.

奢侈品是勢利者的遊戲，但是Michael Kors Holdings Ltd.想把這個遊戲變得大衆化。

'Michael and I would find it offensive that someone would be considered beneath owning one of our products,' Kors Chief Executive John Idol said in an interview at his office in midtown Manhattan, referring to fashion designer and company founder Michael Kors.

Kors首席執行長伊多爾(John Idol)在位於曼哈頓中城的辦公室接受採訪時稱，如果擁有公司產品的消費者被認爲低人一等的話，邁克爾和他本人會覺得受到了冒犯。邁克爾指的是時裝設計師兼該公司創始人邁克爾・科爾斯(Michael Kors)。

Mr. Idol is fending off concerns that the brand has gone too far with its version of luxury populism. Industry insiders say the brand risks committing the cardinal sin of luxury -- overexposure. These days, they say, it's hard to walk down the street of a major city like New York or ride the subway without seeing numerous Kors bags or its oversized watches.

伊多爾是在打消外界對於Michael Kors品牌在“輕奢”路線走得太遠的擔憂。業內人士稱，Michael Kors這個品牌正在犯下奢侈品行業大忌，即曝光過度。這些人士說，現在走在紐約等主要城市的大街上或是搭乘地鐵時，常會看到許多人提着Michael Kors的手袋或戴着Michael Kors的大號手錶。

Meanwhile, with Michael Kors products sold in its own 400 retail stores and in 3,700 department and specialty stores world-wide, some Wall Street analysts and investors are increasingly convinced Kors has expanded too fast and is starting to discount more.

與此同時，隨着Michael Kors產品在全球400個自營零售店以及在3,700家百貨店和專賣店銷售，一些華爾街的分析人士和投資者越來越確信，Michael Kors擴張速度過快，折扣力度開始變大。

Consumers are feeling it too. Erinn Lindberg, a marketing executive from Texas, had been a loyal Kors fan for years but is now less enthusiastic about the brand. 'These days, everyone has a Michael Kors bag,' Ms. Lindberg said on a recent trip to Macy's in Manhattan, where she bought a gold Kate Spade satchel. 'It's nice to have something different.'

消費者也開始感受到這一點。得克薩斯的營銷主管林德伯格(Erinn Lindberg)多年來都是Kors的忠實粉絲，但現在她對這個品牌已不再那麼熱衷。林德伯格最近在逛曼哈頓的梅西百貨(Macy's)時說，如今每個人都有一個Michael Kors包包。她在梅西百貨買了一個Kate Spade金色包包。她表示，擁有與衆不同的東西感覺很棒。

Mr. Idol dismisses the concerns but remains sober about the company's prospects. 'I don't live in the belief that we will forever be the single hottest brand in the fashion business,' Mr. Idol said. 'We're not telling anyone that the U.S. ultimately isn't going to slow down from its current pace.'

伊多爾對這樣的擔憂不予理會，但他仍對公司前景保持清醒的頭腦。伊多爾稱，他並不認爲Michael Kors將永遠是時尚界的最熱門品牌。他表示，公司並沒有說，增長速度最終不會放慢。

In a difficult retail environment, Kors's sales have outpaced competitors by growing by more than 20% in each quarter (excluding newly opened or closed locations) since December 2011, when the company went public. Profits climbed to $662 million for the year ended March 29, from $13 million five years earlier. Michael Kors stock has more than quadrupled from its $20 IPO price, and the company's market value of $16.7 billion is now higher than either Ralph Lauren Corp. or Tiffany & Co.

在艱難的零售環境下，Kors的銷售額增幅高於競爭對手，自2011年12月上市以來的每個季度增幅均超過20%（不包括新開門店或已關閉的門店）。在截至3月29日的財年，該公司利潤增至6.62億美元，高於五年前的1,300萬美元。公司股票較20美元的發行價上漲超過三倍，目前市值達167億美元，高於Ralph Lauren Corp.和蒂芙尼(Tiffany & Co.)。

Analysts expect Kors to report strong first-quarter earnings quickly stole share from rival Coach Inc., a pioneer of affordable luxury. Kors's share of the $11.4 billion North American premium handbag and accessories market has grown to 18% now from 3% in 2009, according to Barclays. Over that period, Coach's share has fallen to 24% from 35%.

Kors很快就從競爭對手、平價奢侈品先鋒Coach Inc.那裏奪取了一些市場份額。巴克萊(Barclays)的數據顯示，Kors如今在規模114億美元的北美高端手袋和飾品市場佔據18%的份額，遠高於2009年時的3%。在此期間，Coach的市場份額從35%下滑至24%。

Analysts see Coach's decline as a lesson for Kors. They attribute its fall to rapid expansion, particularly into outlet stores, which they say tarnished the brand's high-end image. At their peak in 2013, Coach's outlet sales accounted for as much as 70% of retail sales, according to Paul Lejuez, an analyst with Wells Fargo Securities. Coach says its problems stem from a lack of investment in full-priced stores and too many promotions.

分析人士認爲，Coach份額的下滑對Kors來說是個教訓。他們將Coach的衰落歸咎於該品牌的迅速擴張，尤其是進入廠家直銷店(outlet stores)，他們認爲這種做法損害了該品牌的高端形象。Wells Fargo Securities分析師勒居斯(Paul Lejuez)稱，在2013年的巔峯時期，廠家直銷店的銷售額佔Coach零售額的70%。Coach稱，其問題源於對全價商店投資的缺乏以及促銷活動太多。

While Coach has more stores and outlets than Kors, it has less exposure to department stores, which tend to be aggressive with discounts. Coach sells its products through about 1,000 North American locations, compared with 2,500 North America stores for Kors. That opens up Kors to more discounting, which can hurt a brand's image.

雖然Coach的門店和廠家直銷店數量多於Kors，但在商場的鋪面較少，而商場的打折力度往往更大。Coach在北美約有1,000處銷售網點，Kors有2,500處。這樣一來，Kors可能會有更多的打折促銷，這可能會損害品牌形象。

Kors CEO Mr. Idol says declines in Google searches for Kors is in line with the rest of the market and denies promotional activity has increased. As for over-distribution, 'we think that's servicing the client where they shop,' he said.

Kors首席執行長伊多爾稱，谷歌搜索頻率下降與整體市場狀況相符，並否認量促銷活動的增加。至於分銷點過多的說法，他表示，公司認爲那是在客戶購物的地方爲其提供服務。

To avoid the pitfalls of brands like Coach, Mr. Idol said he intends to limit outlet sales to roughly a third of total retail sales to ensure that the lower priced outlets don't overshadow the brand's upscale image. The number of department stores meanwhile helps distribute Kors' range of products -- including a fledgling men's business that Mr. Idol hopes will one day grow to support several hundred men's retail stores.

爲避免遭遇與Coach等品牌相同問題，伊多爾稱，他有意將廠家直銷店的銷售額控制在總零售額的三分之一左右，以確保價格較低的廠家直銷店不會影響該品牌的高端形象。與此同時，衆多經銷Kors的商場幫助展示了該品牌的各類產品系列，其中包括一個新推出的男士產品系列，伊多爾希望該系列未來能發展壯大起來並撐起數百間男士產品零售店。