Michael Kors just bought Jimmy Choo for a whopping $1.2 billion
Christmas has come early for the luxury shoemaker
There’s nothing like a high-stakes acquisition to cut through the slumber on a slow news day. And to that end, Michael Kors delivered. Despite eyeing Kate Spade for what felt like forever, the American designer was beaten to the punch by Coach, that slipped in an offer worth $2.4 billion that no one could refuse.
Declining sales after rapid expansion meant that Kors was still in the market to acquire a luxury brand to boost its sales vertical, and footwear giant Jimmy Choo made for the perfect candidate — the London-based luxury house has just been snapped up by Kors for a deal worth $1.2 billion.
You’ll probably be able to trace your Choo obsession back to Beyoncé and Sex and the City‘s Carrie Bradshaw; the handy A-lister clientele definitely helped sweeten the deal for Michael Kors. Chairman John D. Idol believes that Jimmy Choo is poised for meaningful growth in the future; the latter will continue operating with its existing management team led by chief executive officer Pierre Denis.