Michael Kors buys Jimmy Choo for £900million

The new the fashion world has been waiting for

Words by Henrik Lischke

American retailer Michael Kors has outpaced its competitors in the race for the ownership of London-based stiletto maestro Jimmy Choo and settled for a deal set at around £900 million.

‘We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house’, said Chairman and Chief Executive Officer of Michael Kors, John D. Idol in a statement.

Michael Kors, known for its accessories and ready-to-wear, established in 1981, is keen on pushing the British brand further: ‘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.’

Jimmy Choo, whose infamous strappy stilettos brought the brand to fame since it was founded 21 years ago, has gained enormous popularity through countless appearances on red carpets and on especially on the feet of high-heel-addict Carrie Bradshaw on the cult series Sex And The City. ‘It was part of our DNA’, says Creative Director at Jimmy Choo, Sandra Choi, ‘Carrie Bradshaw was like, ‘I lost my Choo!’ who could forget that?’

Outrunning several companies in the negotiations, such as CVC Captial Partners and Interparfums, Michael Kors will invest 230 pence a share for the luxury label, which was formerly acquired by JAB Holding Co. for around £500 million in 2011.

As for Jimmy Choo, Pierre Denis will remain Chief Executive Officer of the brand and is delighted to be working together with the American retailer: ‘It is a privilege for our management team to lead Jimmy Choo and to preside over such an exciting period for our company. We are convinced that there is so much more that can be delivered in the years ahead.’

We can’t wait to see what this collaboration brings.

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