Gucci who? Michael Kors gains ground in Europe

Michael Kors store in Milan.
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It's not enough for Michael Kors to steal share from its domestic competitors.

According to a Bloomberg report, the luxury brand is now challenging its European foes by opening stores near other high-end labels, and using its positioning as an affordable luxury to steal customers.

The brand's sales in Europe grew 144 percent to about $140 million in the most recent quarter, which included the holiday selling period. That compares with revenues of about $28 million in the same period just two years ago.

The brand's next big challenge is to capture the wallet share of European shoppers who have been resistant to American luxury labels, Bloomberg said.

To read the full report, click here.