If you were hoping to hit up Michael Kors for an extra nice holiday gift this year, or a bigger bonus if you happen to work for him, now it probably the time to ask. This week, his eponymous company filed its initial public offering and it was more than a little successful. The AP reports that the company has raised $944 million after selling its IPO shares, leaving the company valued at just shy of $4 billion. This far surpasses the $2 billion the designer was hoping for during this summer’s “aggressive global-expansion plans.” While the stock was originally expected to fetch around the $18 per-share range, it has since spiked all the way up to $24 and some change. All of that, the news outlet writes, “means a payday of more than $100 million” for Kors personally. Here’s a bit about why, in a sagging economy, the company has managed to come out so strong:
The company’s net income soared 85 percent to $56.9 million in the 2011 fiscal year and its revenue increased 58 percent to $803.3 million in 2011. Revenue from its stores open at least a year, considered a key indicator of a retailer’s performance, jumped 31 percent during the first two months of its third quarter, which ended Nov. 26.