On Friday February 8, Georgetown students had the opportunity to hear John Idol, CEO of Michael Kors speak. The event was hosted by the McDonough School of Business Retail and Luxury Association, Georgetown Aspiring Minority Business Leaders and Entrepreneurs, the Undergraduate Marketing Association and the McDonough Global Student Association. Attendees received gift bags filled with Michael Kors aviator sunglasses (perfect for Spring) and a catalogue featuring the latest collection.
Mr. Idol began by playing a video and sharing the background of Michael Kors. He then proceeded to explain how the company hopes to bring runway fashion to the public at accessible prices, places a strong focus on customer experience, and aims to have their customers feel as if they have bought a piece of luxury when they purchase a Michael Kors item. Mr. Idol also spoke about the vision behind the stores in helping promote this positive experience with the brand. He discussed the importance of creating energy within the stores to drive traffic.
Mr. Idol continued by demonstrating how the brand has evolved into what it is today. As the company did not originally see a competitive future selling solely luxury goods, the brand expanded to include a lifestyle brand. The company noticed what Mr. Idol called “the white space” in this sector of the retail market. He believed through the identification of the “white space,” they could become a key competitor if they capitalized on this opportunity and entered the lifestyle sector of the market.
As a result, of this expansion, the company placed an emphasis on brand awareness and capitalizing on the development of new means of social media. The discussion concluded with Mr. Idol explaining the six takeaways all listeners should remember, which are “a good idea, the vision and the white space, focus and execution, entrepreneurial spirit, apply best in class metrics and luck.”
Business students and fashionistas alike are sure to take these lessons and apply them to their own pursuits.