Michael Kors to buy Jimmy Choo for £896 million
26/07/2017
The transaction has been approved by the Boards of Directors of both companies. It is expected to be completed during the fourth quarter of 2017.
The chairman and CEO of Michael Kors, John Idol, described Jimmy Choo as “an iconic brand with a rich history”. He added that Michael Kors believes Jimmy Choo is “poised for meaningful growth in the future”.
Michael Kors has opted to leave Jimmy Choo’s core leadership team in place. Both chief executive Pierre Denis and creative director Sandra Choi, niece of the brand’s eponymous founder, will continue in their current roles.
Among the advantages Michael Kors expects the acquisition to bring are a more diverse product portfolio, a stronger position in the luxury footwear segment, and greater exposure in global markets, most notably in Asia where Jimmy Choo has had good success in recent years. It hopes to grow Jimmy Choo’s sales to $1 billion.
Image shows Jimmy Choo's flagship store in Bond Street, London (credit: Jimmy Choo).
Share this story:
