Michael Kors joins the S&P 500 Index

Michael Kors Holdings Ltd. (KORS) will replace the company that owns the New York Stock Exchange, NYSE Euronext Inc. (NYX), in the S&P 500 benchmark index as the latter is to be acquired by IntercontinentalExchange Inc.'s (ICE).

The addition of Michael Kors to the largest industrial benchmark index will take place after the close of trading on Nov. 1, as the S&P Dow Jones Indices advanced on Monday in a statement.

The entrance of the Hong Kong-listed high-end fashion brand is a golden brooch to a meteoric trading story that has seen the stock rocketed since floated in late 2011.

Michael Kors to join Nike and PVH Corp on the S&P 500 Index

Michael Kors will become the 14th stock from the apparel and luxury goods subsectors compounding the industrial benchmark index, joining the likes of Gap (GPS), L Brands (LTD), Urban Outfitters (URBN), Coach (COH) or Fossil (FOSL). Latest additions from within the fashion and apparel market were PVH Corp in February and Nike during the summer.

NYSE Euronext, the biggest US stock exchange owner, is soon to be acquired by IntercontinentalExchange Inc. (NYSE:ICE) in a deal expected to be completed on or about that date, the index publisher said on Monday. In consequence, Michael Kors will be added to the S&P 500 GICS (Global Industry Classification Standard) Apparel Accessories & Luxury Goods Sub-Industry index, S&P explained.

With a current market capitalisation of 15 billion dollars, Michael Kors is set to report earnings on Nov. 5. At the moment, the stock is one of the spoilt kids of analysts covering the apparel and luxury goods trades and has 15 ‘buy’, one ‘outperform’, 3 ‘hold’ and one ‘underperform’ recommendations from analysts, reported ‘Forbes’.

On the back of the news, shares of Michael Kors upped by 3.8 percent to 79.31 dollars in after-hours trading.