UPDATE 2-Michael Kors shares slide as European stores struggle

(Adds details on Jimmy Choo, earnings outlook; updates share price)

Nov 7 (Reuters) - Michael Kors missed Wall Street estimates for quarterly revenue on Wednesday hurt by lower sales at its retail outlets in Europe, where the U.S.-based fashion group is struggling to create a stronger luxury identity.

Its shares fell 11.3 percent to $50.97 in premarket trading following the news.

Kors has been stocking fewer of its signature handbags at its European outlets to create more "desirability" for its label, in a region where wealthy fashion consumers have long preferred brands from Louis Vuitton owner LVMH and Gucci parent Kering.

But revenue from Kors' stores in France, Germany and other parts of Europe fell nearly 10 percent during the quarter ended September, causing overall retail revenue of $643.9 million to miss analysts' estimates by roughly $17 million.

Kors is trying to target rich Europeans by acquiring smaller but established labels as consumer passion for its eponymous brand cools. It is spending over $2 billion to buy Italian luxury designer Versace in a deal announced in September.

Still, consumer interest in the Michael Kors brand among European consumers, based on social media and Google trends data, is lacking, said Bernstein analyst Jamie Merriman.

"You're still seeing pressure from a little bit of over exposure of the brand and you haven't seen a bounce back in consumer interest yet," Merriman said.

Revenue from Jimmy Choo, the British luxury shoe brand bought by Kors last year, also missed expectations even as Kors increased spending to open more stores and ramp up marketing.

The result adds to concerns that Kors is still facing some trouble attracting a new generation of consumers to Jimmy Choo, which was made popular in the 1990s by "Sex and the City".

Kors' overall revenue rose 9.3 percent to $1.25 billion in the quarter ended September, missing analysts' expectations of $1.26 billion according to IBES data from Refinitiv. The miss was the first since the quarter that ended December 2016.

Net income attributable to Kors fell to $137.6 million from $202.9 million a year earlier.

Excluding one-time items, the company earned $1.27 per share, above analysts average estimate of $1.10.

"While Michael Kors has again beat consensus expectations, tax has played a big part and the underlying Kors business is still weak," Bernstein's Merriman said.

The company also raised its forecast for annual adjusted earnings to between $4.95 and $5.05 per share from a range of $4.90 to $5. (Reporting by Uday Sampath in Bengaluru Editing by Sai Sachin Ravikumar)