<SEC-DOCUMENT>0001530721-15-000049.txt : 20151104
<SEC-HEADER>0001530721-15-000049.hdr.sgml : 20151104
<ACCEPTANCE-DATETIME>20150924160901
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001530721-15-000049
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Michael Kors Holdings Ltd
		CENTRAL INDEX KEY:			0001530721
		STANDARD INDUSTRIAL CLASSIFICATION:	LEATHER & LEATHER PRODUCTS [3100]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0328

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		33 KINGSWAY
		CITY:			LONDON
		STATE:			X0
		ZIP:			WC2B 6UF
		BUSINESS PHONE:		44 207 632 8600

	MAIL ADDRESS:	
		STREET 1:		33 KINGSWAY
		CITY:			LONDON
		STATE:			X0
		ZIP:			WC2B 6UF
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>CORRESP</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="s82b4299bdfc94d36ad4702e31c65b4b5"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MICHAEL KORS HOLDINGS LIMITED</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33 Kingsway</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">London, United Kingdom</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WC2B 6UF</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">September 24, 2015</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Via EDGAR</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100 F Street, NE</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C 20549</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Attn: James Lopez </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:679px;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="48px"></td><td width="630px"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Re:&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Michael Kors Holdings Limited</font></div><div style="padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Response to Comment Letter, dated September 21, 2015, to</font></div><div style="padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended March 28, 2015</font></div><div style="padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Filed May 27, 2015 (File No. 001-35368)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:24px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ladies and Gentlemen:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 21, 2015 to the Company&#8217;s Form 10-K for the fiscal year ended March 28, 2015 (File No. 001-35368), filed with the Commission on May 27, 2015.&#160;&#160;The discussion below is presented in the order of the numbered comments in the comment letter.</font></div><div style="line-height:120%;padding-top:20px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Form 10-K for Fiscal Year Ended March 28, 2015 </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Results of Operations, page 31 </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:53px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:22px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">We note the statement on page 32 that non-comparable store sales growth &#8220;was primarily attributable to operating 121 additional stores since March 29, 2014 and sales from our e-commerce site.&#8221; In future filings where you attribute material changes to multiple reasons, please quantify the approximate proportion attributed to each reason. Please provide draft disclosure and confirm that future filings will address year-over-year changes in e-commerce sales to the extent they are material to you. </font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Response to Comment 1</font><font style="font-family:inherit;font-size:10pt;">: The Company confirms that when there are multiple reasons for a material change to its sales it will disclose the proportion attributable to each such material change in its future filings. Such disclosure is set forth below, which has been marked to present changes from the Company&#8217;s disclosure included in its Form 10-K for the fiscal year ended March 28, 2015:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Approximately 85% of this</font><font style="font-family:inherit;font-size:10pt;">&#32;sales growth was </font><font style="font-family:inherit;font-size:10pt;text-decoration:line-through;">primarily</font><font style="font-family:inherit;font-size:10pt;">&#32;attributable to operating 121 additional stores since March 29, 2014 and </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">approximately 15% was attributable to</font><font style="font-family:inherit;font-size:10pt;">&#32;sales from our e-commerce site.&#8221;</font></div><div style="line-height:120%;padding-top:24px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Definitive Proxy Statement on Schedule 14A </font></div><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:53px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:22px;"><font style="font-family:inherit;font-size:10pt;">2. </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">We note the statement on page 28 that you purchased an aircraft for $16.5 million from a related party. However, we note the Aircraft Time Sharing Agreements filed as Exhibits 10.19 and 10.20, which appear to cover the personal use of the aircraft, state that the registrant is the &#8220;lessee&#8221; of the aircraft. Please clarify in future filings the material terms of the arrangement between you and the related party from whom you acquired possession, command and control of the aircraft. In addition, please clarify the material terms associated with the personal use of the aircraft. Please provide draft disclosure. </font></div></td></tr></table><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s82b4299bdfc94d36ad4702e31c65b4b5"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Response to Comment 2:</font><font style="font-family:inherit;font-size:10pt;">&#32;&#32;As stated on page 28 of the Proxy Statement, on October&#160;24, 2014, the Company purchased an aircraft for $16.5 million from Lawrence S. Stroll, our former director who resigned from the Board on September&#160;10, 2014. This disclosure reflects all of the material terms of the arrangement between the Company and the related party from whom we acquired possession, command and control of the aircraft.  As separate and distinct related party transactions, a subsidiary of the Company, who leases the Company-owned aircraft from the Company pursuant to an intercompany lease agreement, entered into Aircraft Time Sharing Agreements with each of John D. Idol, our Chairman and Chief Executive Officer, and Michael Kors, our Honorary Chairman and Chief Creative Officer, on November 24, 2014 and December 12, 2014, respectively, relating to each such executive&#8217;s personal use of the Company-owned aircraft previously purchased in October 2014. Pursuant to these Aircraft Time Sharing Agreements, each of Messrs. Kors and Idol are required to reimburse the Company&#8217;s U.S. subsidiary for the incremental costs of using the Company-owned aircraft for personal purposes. For the fiscal year ended March 28, 2015, there were no amounts payable by either Michael Kors or John Idol to us for personal use of the aircraft. In future filings, the Company will include the following additional related party disclosure 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><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;We entered into Aircraft Time Sharing Agreements with each of John D. Idol, our Chairman and Chief Executive Officer, and Michael Kors, our Honorary Chairman and Chief Creative Officer, on November 24, 2014 and December 12, 2014, respectively, relating to each such executive&#8217;s personal use of the Company-owned aircraft.  Pursuant to these Aircraft Time Sharing Agreements, each of Messrs. Kors and Idol are required to reimburse us for the incremental costs of using the Company-owned aircraft for personal purposes.  For the fiscal year ended March 28, 2015, there were no amounts payable by either Michael Kors or John Idol to us for personal use of the aircraft.&#8221;  </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company hereby acknowledges that: </font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;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></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;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></td></tr></table><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:384px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:384px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sincerely,</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:384px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">By:  /s/&#160;Joseph B. Parsons                                             </font></div><div style="line-height:120%;text-align:justify;padding-left:384px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Joseph B. Parsons</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:384px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
