Michael Kors problem is industry wide: Ex JCP chief

Here's why KORS crumbled: Pro

Michael Kors is suffering from the same problem that is hitting the entire fashion industry, former J.C. Penney CEO Allen Questrom said Friday.

"There's a lack of newness," Questrom said on CNBC's "Fast Money Halftime." "When you put too much supply of an aspirational product in the market, the value drops down."

Questrom made his remarks two days after Kors reported its slowest quarterly revenue growth since going public in 2011.

Same-store sales in North America fell 6.7 percent. Analysts on average had expected a rise of 4.4 percent, according to research firm Consensus Metrix.

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Michael Kors' margins also fell to 58.4 percent in the quarter from 59.9 percent, a year earlier, as the company aggressively offered discounts to attract shoppers.

The company's stock has since dropped nearly 25 percent.

"Hopefully they'll be smart enough to figure out a corrective course," Questrom said.

—Reuters contributed to this report.