Many of us are guilty at one point for indulging in Michael Kors, but recently this brand has received the kiss of death. Here are some reasons the brand has declined based on opinion of others I received and myself.
1. Loss of exclusivity
When too many people have the same watch or same bag it loses its value. Many women I asked perceived a woman as “basic” when seen wearing a MK watch. The brand was also seen by the majority as settlement for a subpar brand in effort to own a designer item.
2. MK bags are cheap and so are grocery bags
In 2016 almost half of Nordstrom stores stopped selling MK bags. The sales dropped in department stores, as people are not willing to pay $300 for a bag they can get at Marshalls or outlets for bargain prices.
3. Becoming a teenage brand
Remember in highschool when a particular brand was cool? Once everyone jumped on the bandwagon, it became overrated. Also who wants the same bag as every 14 year old freshman. Because this brand is affordable luxury it is “cool” and accesible for teens.
Michael Kors needs a change in direction. Maybe a comeback is possible but until then consider it a naughty list gift from Santa.