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erations on to our platform representing approximately 90% of the company.
We also provided notification to certain Skagen distributors of our intentions to transfer operations to our own subsidiaries. By moving existing third party distribution relationships to our own subsidiaries around the world, we will not only capture the wholesales and margin value for Skagen products, but also be able
cheap Michael Kors Selma Logo Signature Large Grey Totes to leverage our global distribution infrastructure.
As one would expect, this effort resulted in the Skagen distributor placing less emphasis on ordering new product. That said, we are encouraged by the opportunities for
cheap Michael Kors Jet Set Macbook Travel Large Brown Totes accelerating Skagen growth during the cheap Michael Kors Large Logo Medium Fuchsia Totes fourth quarter, as customer relationships are transferred to our own subsidiaries. Long term, we continue to expect Skagen to become a sizable global lifestyle brand with cheap Michael Kors Jet Set Logo Medium Navy Totes a unique positioning within
cheap Michael Kors Logo Monogram Small Black Totes accessories given its rich Danish design heritage.
As to our financial position, our balance sheet remained strong. We ended the quarter with $139 million in cash after having invested over $100 million in cash towards the acquisition of Skagen and the purchase of 2.5 million common shares at the cost of $234 million since the second quarter of last year.
On an absolute dollar basis, we are projecting yearend inventories to be at
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