Michael Kors Buys Jimmy Choo For $1.2 Billion
Michael Kors has agreed to acquire the high-end shoe brand Jimmy Choo for $1.2 Billion. The timing of this purchase is interesting because Michael Kors sales have been down on their handbags and accessories. Buy Jimmy Choo seem like they are doubling down instead making some cutbacks. I do believe this acquisition will expand the Michael Kors Brand globally. With Jimmy Choo being a big brand international not just in the United States.
“We admire the glamorous style and trendsetting nature of Jimmy Choo designs, Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories,” – Michael Kors, honorary chairman and chief creative officer
No detail about their future plans with either brand in terms what will change or remain the same.
Will they combine the brands at some point in the future?
Does this deal have anything to do with Coach Acquiring Kate Spade for $2.4 Billion in 2017?