Michael Kors Holdings Ltd., a maker of designer clothing and handbags, will hold a secondary offering to let the company’s biggest shareholder sell a stake valued at about $890 million.

Michael Kors Holdings won’t receive any proceeds from the stock sale, which will be managed by JPMorgan Chase & Co. (JPM), according to a statement. The 11.6 million shares — priced at $76.75 apiece in the offering — represent the entire investment of Sportswear Holdings Ltd., a founding shareholder in the company that owned a 5.7 percent stake. Sportswear Holdings’ representatives on the board, Lawrence Stroll and Silas Chou, also will step down. Read more.