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Michael Kors to acquire Jimmy Choo

RBR Staff Writer Published 28 July 2017

Michael Kors has signed an agreement to acquire Jimmy Choo for an enterprise value of about $1.35bn.

Michael Kors, designer of luxury accessories and ready-to-wear was established in 1981 in the US.

The company manufactures a range of products under Michael Kors Collection which includes accessories, footwear, wearable technology and others.

Jimmy Choo known for its glamorous and fashion-forward footwear was founded in 1996 by Tamara Mellon and Jimmy Choo.

The shoe maker put itself for sale after JAB luxury, major shareholder of Jimmy Choo has decided to sell their 6% of the business to focus on food and other consumer goods.

Michael Kors chairman and CEO John Idol said: “We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.

Pierre Denis will continue in his role as Chief Executive Officer of Jimmy Choo. He has led the company since 2012, during which time Jimmy Choo experienced compounded sales growth of 11% annually. Pierre brings more than 25 years of experience and a strong track record with global fashion luxury brands. Additionally, Creative Director Sandra Choi will continue to lead the creative and design teams at the company,” he continued.

The acquisition will benefit Michael Kors to grow in the men’s luxury footwear category and expand in the luxury accessories market. It provides an opportunity to enhance immy Choo sales to $1 bn and gives an exposure in global markets especially in Asia.

“Denis, Choi and the rest of the highly-talented management team have done a tremendous job, and this continuity of leadership will ensure that the DNA of Jimmy Choo is maintained as we work together to continue to grow the brand globally,” Idol added.

Denis said, “Our two companies share the same vision of style and trend leadership. Our luxury heritage is the foundation of Jimmy Choo and we will continue to bring our brand vision to consumers globally.”

Image: Jimmy Choo sells luxury ranges of shoes, handbags, small leather goods among others. Photo: courtesy of Jimmy Choo PLC.