Michael Kors acquired Jimmy Choo for a cool $1.2 billion after the luxury shoe brand put itself up for sale last April. As a strategic business decision, Michael Kors thinks they are in the best position to continue Jimmy Choo’s growth. “Michael Kors intends to apply the experiences, infrastructure and capabilities that it has developed as a company over the course of its own worldwide growth as a luxury fashion brand to support the growth of Jimmy Choo.”
John Idol, chairman and chief executive officer of Michael Kors also had this to say about the sale, “We believe that Jimmy Choo is poised for meaningful growth in the future and we are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.”
With the support of majority shareholder JAB Luxury, they are sure that Michael Kors will take the brand to the next phase, “A combination with Michael Kors will alow Jimmy Choo to embark on its next phase of growth and provide opportunities for the benefit of Jimmy Choo customers, employees, shareholders, and other stakeholders.”
We’re not sure what to expect from this acquisition but we will definitely keep our eyes peeled for what’s to come.
[Inquirer.net]
Photo courtesy of CNN Money
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