Evolving consumer behavior requires luxury brands and retailers alike to continuously adapt. Michael Kors has done this and is very good at it. MK started out targeting the upper middle class and wealthy and it worked for him. After many years MK realized they could expand their market share if they appealed to a broader audience. This was a brilliant idea, because they had created a product that many would purchase whether the customer was from the working-poor all the way up to the upper middle class and beyond. So they created different collections for different target markets and called themselves a "lifestyle brand".
MK also realized that when a customer is contemplating making a purchase there are individual, social and even cultural aspects to consider. Once you have a clear understanding of this you can market it to your advantage and pretty much convert anyone into a consumer of your product. I was one of those people. If I saved money or was given a gift, Coach was what I said I wanted. Then along came Michael Kors; their prices were competitive, it was new(at least to me anyway) and I liked it. Now whenever I buy a handbag whether it is for myself or someone else it's Michael Kors. Job well done MK!
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