Upmarket US fashion brand Michael Kors intends to list on the New York Stock Exchange through an IPO.

In a prospectus for potential investors released on Friday (2 December), the luxury firm said it plans to raise up to $792.3m by offering 41.7m shares on behalf of existing shareholders for between $17-19 a share. The move values the company at around $3.63bn.

Founder Kors plans to trim his stake from 11.7% to 8.6%, while majority shareholder Sportswear Holdings will cut its stake from 51.9% to 37.7%. The Ontario Teachers Pension Plan board will cut its stake from 7% to 6.9%, and CEO John Idol will cut his stake to 5.1% from 6.9%.

The company will not receive any of the funds raised through the floatation.

Michael Kors Holdings said it currently expects to retain all its future earnings for use in the operation and expansion of the business and will list under the symbol KORS.

It plans to grow the brand through increasing brand awareness, expanding its store-base in North America, expanding the number of department store concessions, increase global comparable-store sales, and through developing its international retail and wholesale business.

The company will leverage its existing operations in London, Lugano, Madrid, Milan, Munich, Paris and Tokyo to drive continued retail and wholesale expansion in Europe and Japan. It sees the potential for approximately 100 outlets in Europe and a further 100 outlets in Japan, while also increasing its department store presence in both of these markets.