New York — Michael Kors Holdings’ strategy to entice shoppers and get them to pay more for its luxury apparel and handbags is showing some signs of success. Profit and sales in the quarter that ended in July both exceeded analysts’ estimates, driving the shares up as much as 14% in early trading. The fashion house has been refreshing designs and sprucing up stores to lure customers to pay full price for products, while reducing department store markdowns, which have eroded its brand cachet. In July, Michael Kors agreed to buy shoe maker Jimmy Choo for $1.2bn to add lustre to the brand, and CEO John Idol said he was planning for more acquisitions to boost growth.
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