“One day you’re in, and the next, you’re out.” Heidi Klum’s Project Runway catchphrase applies not only to fashion, but to former Project Runway judge Michael Kors’ fashion company Michael Kors Holdings Limited, (NYSE: KORS) which is set to join the S&P 500 club on November 1. It will replace NYSE Euronext Inc. (NYSE: NYX) on the index. NYSE Euronext is set to be acquired by another S&P 500 company, IntercontinentalExchange Inc. (NYSE:ICE).
The S&P 500 is commonly used as a bellwether of the U.S. economy, and is meant to reflect market conditions. The 500 companies that comprise the index are for factors such as liquidity, market size, and the company’s industry. A team of analysts at S&P evaluate and select the companies that will be features on the index.
Michael Kors started his namesake company in 1981. He announced in December 2011 that the company was going public, and that price per share was set at $20. Michael Kors Holdings Limited is headquartered in Hong Kong, and is involved in design, distribution, sales, and marketing of clothing and accessories for men and women. Since 2011, the stock has strutted up the charts — to almost four times its original share value.