Strong appetite for luxury spurs Michael Kors sales

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Models and staff prepare backstage before the Michael Kors Spring 2011 collection during New York Fashion WeekSigns of economic recovery in the United States and Europe have increased demand for affordable luxury items. Michael Kors Holdings, controlled by fashion designer and former "Project Runway" TV show judge Michael Kors, has been growing at a blistering pace and is aggressively expanding its stores in the United States and Europe. Michael Kors, whose handbags, watches and apparel have been spotted on first lady Michelle Obama and celebrities such as Jennifer Lopez, said sales in Europe more than doubled to $114 million.