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Just ran into this item from August. Does not mention Asia other than Japan. Perhaps that is all held by the majority stock holder which would
be under the wholesale category.

8/13/12
Barclays initiates coverage on Michael Kors (NYSE: KORS) with an Overweight. PT $55.00.

Analyst, Robert S. Drbul, said, "The company has demonstrated industry-leading momentum, with revenue growth of 62.1% in FY12, including comps up 39.2%. We believe KORS can generate at least 20%-25% revenue growth and 25%-30% EPS growth over the next 3 - 5 years."

Drbul sees retail stores expanding from the current 237 to 600 (400 in N. America, 100 in Europe and 100 in Japan). Currently, KORS total international revenue is only 9%, whereas Coach (NYSE: COH) is 30% and Polo (NYSE: RL) is 36%. Point being, there's lots of opportunity for growth with wholesalers and its own retail stores.


http://www.streetinsider.com/New+Coverage/UPDATE%3A+Barclays...

JT
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On parts of Asia, from their last 10-K for fiscal 2012;

We have entered into a select number of product licensing agreements with companies that produce and sell, under our trademarks, products requiring specialized expertise. We have also entered into a number of select licensing agreements pursuant to which we have granted third parties the right to distribute and sell our products in certain geographical areas, including, among others, South Korea, the Philippines, Singapore, Malaysia, the Middle East and Turkey. In addition, we have entered into similar licensing agreements which we have entered into with entities that are indirectly owned by certain of our current shareholders, including Mr. Kors, Mr. Idol and Sportswear Holdings Limited—See Item 7B- “Major Shareholder and Related Party Transactions—Michael Kors Far East Holdings Limited”—for the right to distribute and sell our products in China, Hong Kong, Macau and Taiwan.
Michael Kors Far East Holdings Limited

Certain of our current shareholders, including Mr. Kors, Mr. Idol and Sportswear Holdings Limited, own Michael Kors Far East Holdings Limited (“Far East Holdings”), a BVI Company. We have entered into agreements (the “Far East Licensing Agreements”) with certain subsidiaries of Far East Holdings (the “Licensees”) pursuant to which the Licensees have exclusive rights within China, Hong Kong, Macau and Taiwan, and rights of first refusal to expand to other territories across Asia, to import, sell, advertise and promote apparel, footwear and accessories, excluding eyewear, watches and fragrance and personal care products, and to own and operate free-standing retail stores bearing our “Michael Kors,” “MICHAEL Michael Kors” and “KORS Michael Kors” trademarks. The Far East Licensing Agreements expire on March 31, 2041, and we may terminate them at certain intervals if certain minimum sale benchmarks are not met.

Any issuance or transfer of an equity interest in Far East Holdings or any of its subsidiaries is subject to our right of first refusal,.........


So that's that. KORS receives licensing fees from these entities for those Asian areas. We won't be seeing any company owned stores there
until Far East Holdings is sold to the company.

JT
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