While there is no indication yet that consumers have started to migrate away from the michael kors shoes brand, investors have to consider how dependent a company like Kors is on staying popular among consumers.

This dependence is explained best in the company's 10-K. It reads, "In varying degrees, depending on the product category involved, we compete on the basis of style, price, customer service, quality, brand prestige, and recognition, among other bases. Some of our competitors have achieved significant recognition for their brand names or have substantially greater financial, distribution, marketing and other resources than us.

Besides michael kors bags, which is attempting a brand restructure of sorts, other increasingly popular names like Kate Spade and Tory Burch are competing in the handbag and accessories space as well.