Kors, once the hottest name in the "affordable luxury" sector, posted double-digit sales growth until 2014, helped by the runaway success of its $300 bags. In its bid to sustain sales growth, the company rapidly expanded in North America, a move that made its handbags too commonplace for fashion-conscious women. "As much as we believe that Michael Kors is headed in the right direction ... we maintain our view that it has much more work to do in reconnecting with customers who have been alienated by the overexpansion of the brand," said Neil Saunders, managing director of research firm GlobalData Retail.