Not long ago, women were swooning over the sleek and chic bags from luxury brand Michael Kors. But the designer is facing a crisis, and it’s not just about a slowdown in the handbag market. It’s also about the broader issue of how a luxury brand gains and loses its luster.

Overexposure to the same styles and shapes leads to a loss of luxury appeal, and that’s a problem for Kors, according to Nomura analysts. They cite this as the biggest reason the company’s stock is down more than 40% from its all-time high.

Several other factors, including shoppers’ preference for smaller handbags that have a lower price tag, and a slowdown in tourist-dependent cities such as New York, also hurt Kors in the first quarter. And if that trend continues, it could eventually wreak havoc on the company’s bottom line.

The designer, which sells in more than 200 stores and online, reported a drop in same-store sales in the quarter that ended June 27, though it still beat analysts’ estimates. Revenue rose 7.3 percent to $986 million, led by a 6.2 percent rise in North America. Its earnings rose 88 cents a share, which topped the 73 cents a share expected by analysts polled by research firm Thomson Reuters.

But Kors CEO John Idol told investors Thursday that the company’s growth has stalled. He said that the handbag business isn’t growing at the same rate as it did in the past, and it will take time to get back on track.

It’s been hard for Kors to find a way to reach its target audience without sacrificing its luxe image, but Idol hasn’t given up on the brand. He said he’s still confident in its ability to make a dent in the market, but it will likely take a while to reach its full potential.

One thing that may help is to rethink what the company’s handbag lines offer and how they fit into an aspirational lifestyle. Idol cited an example of a bucket bag that sold well among high-fashion types, but failed to capture a wider audience. He also said the company needs to make sure that it offers more diverse selections and less of the same.

To help with this effort, Kors is offering a sale on select handbags and other accessories through February 20th. Plus, if you’re a KORSVIP member, you can earn rewards for every purchase and score free shipping on your next order.

If you’re looking for a sleek, modern style to carry your essentials, look no further than this Michael Kors Jet Set Large Printed Logo Crossbody Bag for $99 ($269 off). This bag is made from both PVC and leather and features a zip top closure, a large compartment, two slide pockets and an adjustable shoulder strap. It’s a versatile choice for a woman who wants to dress up or down quickly, and it’s available in cream and brown.

The Michael Kors Jet Set Collection has become a favorite for its timeless style and modern, uptown aesthetic. These pieces are perfect for any wardrobe and have an innate sense of glamour that makes them feel luxurious. You’ll want to pick up a few of these pieces for yourself, and you can also buy them as gifts for the women in your life. michael kors bags sales

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