Michael Kors 大众化还是曝光过度

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

奢侈品是势利者的游戏，但是Michael Kors Holdings Ltd.想把这个游戏变得大众化。

'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首席执行长伊多尔(John Idol)在位于曼哈顿中城的办公室接受采访时称，如果拥有公司产品的消费者被认为低人一等的话，迈克尔和他本人会觉得受到了冒犯。迈克尔指的是时装设计师兼该公司创始人迈克尔・科尔斯(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.

伊多尔是在打消外界对于Michael Kors品牌在“轻奢”路线走得太远的担忧。业内人士称，Michael Kors这个品牌正在犯下奢侈品行业大忌，即曝光过度。这些人士说，现在走在纽约等主要城市的大街上或是搭乘地铁时，常会看到许多人提着Michael Kors的手袋或戴着Michael Kors的大号手表。

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.

与此同时，随着Michael Kors产品在全球400个自营零售店以及在3,700家百货店和专卖店销售，一些华尔街的分析人士和投资者越来越确信，Michael Kors扩张速度过快，折扣力度开始变大。

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.'

消费者也开始感受到这一点。得克萨斯的营销主管林德伯格(Erinn Lindberg)多年来都是Kors的忠实粉丝，但现在她对这个品牌已不再那么热衷。林德伯格最近在逛曼哈顿的梅西百货(Macy's)时说，如今每个人都有一个Michael Kors包包。她在梅西百货买了一个Kate Spade金色包包。她表示，拥有与众不同的东西感觉很棒。

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.'

伊多尔对这样的担忧不予理会，但他仍对公司前景保持清醒的头脑。伊多尔称，他并不认为Michael Kors将永远是时尚界的最热门品牌。他表示，公司并没有说，增长速度最终不会放慢。

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.

在艰难的零售环境下，Kors的销售额增幅高于竞争对手，自2011年12月上市以来的每个季度增幅均超过20%（不包括新开门店或已关闭的门店）。在截至3月29日的财年，该公司利润增至6.62亿美元，高于五年前的1,300万美元。公司股票较20美元的发行价上涨超过三倍，目前市值达167亿美元，高于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很快就从竞争对手、平价奢侈品先锋Coach Inc.那里夺取了一些市场份额。巴克莱(Barclays)的数据显示，Kors如今在规模114亿美元的北美高端手袋和饰品市场占据18%的份额，远高于2009年时的3%。在此期间，Coach的市场份额从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.

分析人士认为，Coach份额的下滑对Kors来说是个教训。他们将Coach的衰落归咎于该品牌的迅速扩张，尤其是进入厂家直销店(outlet stores)，他们认为这种做法损害了该品牌的高端形象。Wells Fargo Securities分析师勒居斯(Paul Lejuez)称，在2013年的巅峰时期，厂家直销店的销售额占Coach零售额的70%。Coach称，其问题源于对全价商店投资的缺乏以及促销活动太多。

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.

虽然Coach的门店和厂家直销店数量多于Kors，但在商场的铺面较少，而商场的打折力度往往更大。Coach在北美约有1,000处销售网点，Kors有2,500处。这样一来，Kors可能会有更多的打折促销，这可能会损害品牌形象。

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首席执行长伊多尔称，谷歌搜索频率下降与整体市场状况相符，并否认量促销活动的增加。至于分销点过多的说法，他表示，公司认为那是在客户购物的地方为其提供服务。

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.

为避免遭遇与Coach等品牌相同问题，伊多尔称，他有意将厂家直销店的销售额控制在总零售额的三分之一左右，以确保价格较低的厂家直销店不会影响该品牌的高端形象。与此同时，众多经销Kors的商场帮助展示了该品牌的各类产品系列，其中包括一个新推出的男士产品系列，伊多尔希望该系列未来能发展壮大起来并撑起数百间男士产品零售店。