Michael Kors To Become Lifestyle Partner For McLaren-Honda's Formula 1 Team
Michael Kors Holdings Ltd (NYSE: KORS) gained 0.28 percent on Wednesday trading, helped by the announcement of a new partnership with the McLaren-Honda Formula 1 team.
According to the agreement, Kors will become the official lifestyle partner of the McLaren-Honda team. This union will strengthen and amplify “both brands’ embodiment of a fast, jet-set lifestyle,” a press release read.
Kors CEO and Chairman John D. Idol said this is an exciting moment for the company, especially as it continues to expand as a men’s lifestyle brand — remember Kors became famous as a women’s handbags brand.
The Formula 1 audience is new to Michael Kors. However, it is seen as “a prime opportunity to familiarize the European consumer with all facets of the Michael Kors world,” the press release added. “Additionally, the legendary McLaren-Honda brand and its renowned Formula 1 drivers are an exceptional representation of the Michael Kors man — sophisticated, international and successful, with an appreciation for living life in the fast lane.”
Going forward, Michael Kors branding will be seen on drivers’ overalls and on the McLaren-Honda MP4-31 car. In celebration of this partnership, Kors created a limited-edition men’s leather jacket. Only 50 pieces will be sold, and only in Kors’ London store.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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