<SEC-DOCUMENT>0000950142-13-002056.txt : 20140220
<SEC-HEADER>0000950142-13-002056.hdr.sgml : 20140220
<ACCEPTANCE-DATETIME>20131003162723
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950142-13-002056
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20131003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Michael Kors Holdings Ltd
		CENTRAL INDEX KEY:			0001530721
		STANDARD INDUSTRIAL CLASSIFICATION:	LEATHER & LEATHER PRODUCTS [3100]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		UNIT 1902, 19/F, TOWER 6, THE GATEWAY
		STREET 2:		HARBOUR CITY
		CITY:			TSIM SHA TSUI, KOWLOON
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		(852) 2371-8634

	MAIL ADDRESS:	
		STREET 1:		UNIT 1902, 19/F, TOWER 6, THE GATEWAY
		STREET 2:		HARBOUR CITY
		CITY:			TSIM SHA TSUI, KOWLOON
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
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<TYPE>CORRESP
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Michael Kors Holdings Limited</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Response to Comment Letter, dated September 25, 2013, to</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-K for the Fiscal Year Ended March 30, 2013</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Filed May 29, 2013 (File No. 001-35368)</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ladies and Gentlemen:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On behalf of Michael Kors Holdings Limited (the &#8220;Company&#8221;), below please find responses from the Company to comments received from the Staff of the U.S. Securities and Exchange Commission on September 25, 2013 to the Company&#8217;s Form 10-K for the fiscal year ended March 30, 2013 (File No. 001-35368), filed with the Commission on May 29, 2013.&#160;&#160;The discussion below is presented in the order of the numbered comments in the comment letter.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Please confirm in future filings that you will provide the disclosure required by Item 201(d) of Regulation S-K or advise.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response to Comment 1</font>:&#160;&#160;The Company confirms that it will provide the disclosure required by Item 201(d) of Regulation S-K in future filings either in its Form 10-K or by incorporating by reference such disclosure from its Definitive Proxy Statement filed not later than 120 days after the end of the fiscal year covered by the Form 10-K.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The disclosure on page 27 addressing your Far East Licensing Agreements indicates that you &#8220;waived the royalty on all net sales of licensed products&#8221; for the periods prior to April 1, 2013.&#160;&#160;Please advise us of the dollar amount of the royalties waived.&#160;&#160;In addition, confirm that you will provide the disclosure requested by Item 404(a)(4) of Regulation S-K regarding the dollar value of each related party&#8217;s interest in the Far East Licensing Agreements in future filings, and provide us with draft disclosure based on the year-ended March 30, 2013.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response to Comment 2</font>:&#160;&#160;The Company advises the Commission that the dollar amount of royalties waived under the Far East Licensing Agreements for periods prior to April 1, 2013 was $53,264 for the fiscal year ended March 31, 2012 and $343,813 for the fiscal year ended March 30, 2013.&#160;&#160;In addition, in response to the Staff&#8217;s comment, the Company confirms that it will disclose in future filings that Sportswear Holdings Limited, Michael Kors and John D. Idol collectively own approximately 86% (or such updated figure as appropriate) of the ordinary shares of Michael Kors Far East Holdings Limited. Set forth below is a draft of such disclosure using data for the fiscal year ended March 30, 2013 (revisions underlined):</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sportswear Holdings Limited, Michael Kors and John D. Idol <font style="DISPLAY: inline; TEXT-DECORATION: underline">collectively own approximately 86% of the ordinary shares of</font> Michael Kors Far East Holdings Limited (&#8220;Far East Holdings&#8221;). We have entered into agreements (the &#8220;Far East Licensing Agreements&#8221;) with certain subsidiaries of Far East Holdings (the &#8220;Licensees&#8221;) pursuant to which the Licensees have certain exclusive rights within China, Hong Kong, Macau and Taiwan, and rights of first refusal to expand to other territories across Asia, to import, sell, advertise and promote apparel, footwear and accessories, excluding eyewear, watches and fragrance and personal care products, and to own and operate free-standing retail stores bearing our &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Michael Kors</font>,&#8221; &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">MICHAEL Michael Kors</font>&#8221; and &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">KORS Michael Kors</font>&#8221; trademarks. The Far East Licensing Agreements expire on March 31, 2041, and we may terminate them at certain intervals if certain minimum sale benchmarks are not met. Pursuant to the Far East Licensing Agreements, we waived the royalty on all net sales of licensed products by the Licensees prior to April 1, 2013. <font style="DISPLAY: inline; TEXT-DECORATION: underline">The royalty waived on net sales of licensed products for fiscal 2013 was $343,813.</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We note that you record your warehousing and distribution costs, rent for your distribution centers, store payroll, and store occupancy costs in sales, general and administrative expenses as opposed to cost of goods sold.&#160;&#160;Please disclose that your gross profit may not be comparable to those of other entities since some entities may include all or some component of these costs in cost of goods sold and others like you exclude them from gross profit.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response to Comment 3</font>: The Company will disclose in future filings that its gross profit may not be comparable to those of other entities since some entities may include all or some component of these costs in costs of goods sold and other entities (like the Company) may exclude them from gross profit. Set forth below is the Company&#8217;s revised definition of <font style="FONT-STYLE: italic; DISPLAY: inline">Cost of goods sold</font> to be included in Management&#8217;s Discussion and Analysis in future filings (revisions underlined):</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Cost of goods sold</font> includes the cost of inventory sold, freight-in on merchandise and foreign currency exchange gains/losses related to forward contracts for purchase commitments.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">All retail store operating and occupancy costs, as well as warehouse and distribution costs, are included in </font><font style="FONT-STYLE: italic; DISPLAY: inline; TEXT-DECORATION: underline">Selling, general and administrative expenses</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> (see below), and as a result our cost of goods sold may not be comparable to that of other entities that have chosen to include some or all of those expenses as a component of their cost of goods sold.</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You disclose on page 21 of MD&amp;A the number of retail stores operating at March 31, 2013 was 304, an increase of 67 stores from 237 stores operated at March 31, 2012.&#160;&#160;We further note that in the Q1 2014 earnings conference call you state that you are on track to open a significant number of new stores in fiscal 2014 including another 50 stores in North America and another 7 stores in Japan.&#160;&#160;In consideration of these activities please provide us with your policy for the accounting of start-up or store pre-opening costs with details sufficient to understand the types of costs that you consider to be start-up costs under FASB ASC Section 720-15.&#160;&#160;Please confirm that you will include disclosure of this policy in future filings.</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response to Comment 4</font>: In accordance with the guidance as set forth in ASC 720-15, store pre-opening costs are expensed as incurred.&#160;&#160;Such costs relate to advertising, payroll and any pre-opening promotional events in advance of the store opening. Such expenses are charged to <font style="FONT-STYLE: italic; DISPLAY: inline">Selling, general and administrative expenses.&#160;&#160;</font>The Company will include its policy on pre-opening costs, as provided below, in its future filings:</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Store Pre-opening Costs</font>&#8212;Costs associated with the opening of new retail stores and related start up activities are expensed as incurred.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
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