Michael Kors buys Jimmy Choo for $1.2 Billion

Michael Kors said on Tuesday it has agreed to purchase the luxury shoemaker for approximately $1.2 billion, adding a coveted global brand to the U.S. retailer’s stable as its own handbag and accessories sales suffer.

The British firm, which was put up for sale in April, had attracted attention from a number of suitors.

As well as shoes, Jimmy Choo produces a range of luxury goods.

ALSO READ  Driver Crashes Vehicle into Pedestrians near London Mosque | 1 Dead, 10 Injured

Jimmy Choo shoes featured the 90s TV hit show, Sex and the City, and are still seen on the feet of the famous, including the Duchess of Cambridge, Beyonce and Kendal Jenner.

“Some other brands are very over exposed, like the red-soled Loubutin, but Jimmy Choo managed to get in the limelight, stay there but never become over saturated,” said Lisa Armstrong, fashion director of the Daily Telegraph.

ALSO READ  Ethiopia’s New Cabinet is 50% Women: “Women ministers will disprove old adage that women can’t lead”

Michael Kors has said the luxury shoe brand will continue with its current management team, including the chief executive, Pierre Denis, and Sandra Choi.

The company said that they will open new Jimmy Choo retail stores and develop its online presence.

Share is Caring
21
Copy Protected by Chetan's WP-Copyprotect.