Michael Kors sells shares in secondary offering

Michael Kors Holdings Ltd. said Tuesday that a number of its shareholders are selling off at least 25 million shares in a secondary offering. The offering also includes the option for the sale of another 3.8 million shares for over-allotments.

The high-fashion clothing and accessories company will not receive any proceeds from the offering, according to a filing Tuesday with the U.S. Securities and Exchange Commission.

Michael Kors, the fashion designer behind the namesake company, plans to sell 3 million shares in the offering. That would reduce his ownership of common shares to 2.4 percent, down from 3.9 percent. He would still have 4.8 million common shares following the offering.

Private equity firm Sportswear Holdings Ltd. is selling the majority of its stake in the company. The filing indicates it plans to sell 19.7 million shares, which would leave it with a 5.8 percent stake.

The news of the offering comes as the company's shares hit a new annual high of $65.10 Tuesday. Its stock price is up 27 percent in the year to date and has more than tripled since the company went public in late 2011.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Goldman, Sachs & Co. will act as joint book-running managers for the deal. Robert W. Baird & Co. Inc., HSBC Securities Inc., Jefferies & Company Inc., Nomura Securities International Inc. and Piper Jaffray & Co. will co-manage the offering.