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Timed alongside the announcement of increasing company profits, luxury watch market heavyweight Michael Kors displayed his striking fall/winter 2012 collection at New York Fashion Week on Feb 15.

The latest Michael Kors fashion show was held at the Theatre at Lincoln Center in New York City. Kors described his fall/winter 2012 collection as “rugged elegance” and there was no doubt that his looks made a bold statement. The collection featured heavy textures and aggressive colors. Both male and female models wore large red and black plaids, heavy knitwear and prominent furs. The softer side of the collection included drop-waisted sequined dresses in flowing silhouettes and sparkling black and red evening gowns.

Known for his innovative and iconic American sportswear collections, Michael Kors debuted wraps and dresses of “cashgora”, a cashmere and angora mix fabric. The runway ran plentifully with accessories, with Kors accenting his strong looks with large furry hats, bags and clutches, thin belts (including a military style men’s belt/sash), backpacks, big sunglasses, fur collars, long gloves for women and fingerless gloves for men. The color palette ranged from striking reds and blacks to rich greys and soft beiges.

The success of the global luxury lifestyle brand was evident from the celebrity support at the show on Wednesday. Paula Patton, Katie Couric and Jessica Alba were among the stars present and dressed in a variety of stylish Michael Kors looks. Stars of television’s recent show “Smash”, Anjelica Houston and Debra Messing, were catwalk-side to support their longtime friend. Celebrity stylists Brad Goreski and Rachel Zoe were also in attendance. Kors received universal praise from all for his latest collection and some of his looks will undoubtedly be favored among celebrities at upcoming award shows this season.

Kors’ bold showing signifies the vitality of the luxury industry despite general economic downturns. Michael Kors Holdings Ltd. announced its first earnings report as a publicly traded company on Tuesday. The impressive results showed a 75 percent increase in gross profit. Following the announcement, shares in the company rose to $42, up over 100 percent from their original price of $20 in December. Michael Kors Holdings Ltd. is now worth about $8 billion, “cashgora” indeed. Kors profits reflect a general rise in the luxury watch industry. Watchmaker Fossil also reported significant earnings this quarter and overall Swiss watch sales increased by 3.7 million from 2010 to 2011, according to the Federation of the Swiss Watch Industry.