Bernstein Says Michael Kors 'scores better with consumers than with investors'
Bernstein Research took a hard look at Michael Kors (NYSE: KORS) and the handbag/accessories category in a note published early Monday morning. Bernstein analyst Anne Windal took a survey regarding future purchase intentions and says here findings show "23% of respondents indicated they would spend more on the category in the next 12 months (vs. 18% in our March survey); 16% indicated they would spend less (vs. 20% in our March round)."
Windal says Coach (NYSE: COH) and Michael Kors both remain leaders in terms of future purchase intent with ~36 percent of Bernstein's Survey respondents indicating they are 'very likely' to purchase a handbag from either company.
Other takeaways from the note:
- KORS brand familiarity around 75 percent, Coach at 85 percent.
- 70 percent of respondents say last handbag purchase was under $200, 25 percent spent less than $50 and 5 percent spent over $500.
- Coach is most exposed to an outlet/off-price customer.
Latest Ratings for KORS
|Nov 2016||Morgan Stanley||Downgrades||Overweight||Equal-Weight|
|Oct 2016||OTR GLobal||Upgrades||Negative||Mixed|
|Sep 2016||Guggenheim||Initiates Coverage on||Neutral|
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