19 Oct Handbag buys shoe: Michael Kors takes over Jimmy Choo
The luxury shoe brand Jimmy Choo is being bought out by the fashion corporation Michael Kors for over one billion euros. The US American luxury outfitter is aiming at promoting their expansion strategy with this deal.
Not only Lady Diana appreciated the Malaysian designer’s luxurious shoes, also Carries Bradshaw from the cult TV series “Sex and the City” was a passionate fan and even Michelle Obama wore them for her husband Barack’s second inauguration: Now the shoe brand Jimmy Choo changes hands. The fashion corporation Michael Kors, mainly known for its handbags, is buying the company for 1.2 billion dollars (1.03 billion euros). The brand Jimmy Choo stands for extravagant and luxurious pumps and boots which gained popularity through their prominent fans at the end of the 1990s.
Until now, Jimmy Choo was part of JAB, the German billionaire family Reimann’s holding company. Since they will be focusing on investing in other consumption sectors in the future, the shoe brand offered itself for acquisition in April. In the past, Michael Kors was confronted with decreasing sales numbers which is why the fashion company now aims at expanding in the sectors of dresses, men’s fashion and online, hoping on an upswing by acquiring the Jimmy Choo brand. According to Michael Kors, nothing will change and the current Jimmy Choo management will stay.
Image source: YouTube / ELLE