We know celebrity sells clothes, but does it also sell stocks? The news that Michael Kors, which began its life as a public company today, was the biggest IPO in American fashion history, suggests the answer is yes. It sold more shares than expected in a deal that will value the company at nearly $4bn.
After all, Mr Kors has talent — specifically an ineffable ability to make a cashmere pencil skirt and polo neck look like a platonic ideal — and a very good business (majority shareholders Silas Chou and Lawrence Stroll are masters at creating a base of accessories and a second line that broadly support the high-end rtw). But he also has the benefit of a potent tv personality. Read more