Michael Kors to sell 3 million shares

New York -- As shares of his company reached an all-time high, fashion designer and retailer Michael Kors will sell 3 million of his shares as part of a secondary offering of 25 million shares, according to a Tuesday regulatory filing.

Kors' ownership in Michael Kors Holdings Inc. will fall to about 4.8 million shares, or 2.4%, down from 3.9% after the sale.

Michael Kors last week raised its full-year sales and profit forecast after reporting large sales increases over the holiday period, including a 41% rise in same-store sales in North America last quarter.