Luxury US clothing brand Michael Kors Holdings Ltd has priced 23m shares at $53 each in its secondary public offering, a move that could raise $1.22bn.

The offering is expected to close around 28 September. 

The luxury lifestyle business last week increased its second quarter revenue and earnings guidance after a recent boost in retail sales.

The company said it now expects second quarter revenue to hit US$510-520m, yielding earnings per share of $0.38-0.40, up on its previous guidance of $0.33-0.35.

For the full year, Michael Kors raised its earnings per share guidance to $1.39-1.41, up from $1.32-1.34, with projected revenues of $1.85-1.95bn and comparable store sales likely to be up 30% on the year.