They say that as one door closes another one opens, and that old saying is certainly true in New York City's fashion world. Just days after Kenneth Cole announced its flagship Rockefeller Center store would close up shop, Michael Kors has swooped in on the location.
The move is perfectly timed for Kors, who's been expanding his market locally and internationally. The space is located in the heart of Fifth Avenue's high-class shopping district, so it's going to receive plenty of foot traffic from fashionistas with cash to burn.
Michael Kors has only secured 4, 500 square feet of Kenneth Cole's original 13, 000 square foot space, but that's plenty to turn a tidy profit. And let's remember, he's already got three New York boutiques as it is!
It's all bad news for Kenneth Cole though. The New York location is one of eight stores earmarked for closure. Let's hope this isn't the beginning of the end for this handbag designer.
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