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Michael Kors went shoe shopping, bought Jimmy Choo for $1.5 billion
Michael Kors buys Jimmy Choo for $1.5 billion!
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US fashion giant Michael Kors certainly has expensive taste as they bought Jimmy Choos for about $1.5 billion. Designer and Project Runway regular Michael Kors has called the deal "ideal".
"Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear," said Michael Kors chairman and chief executive John D. Idol.
"The company is a leader in setting fashion trends. Its innovative designs and exceptional craftsmanship resonate with trendsetters globally. 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."
Many retailers have faced declining sales in recent years amid fierce competition from online shopping and discount and fast-fashion stores like TJMaxx and H&M.
Jimmy Choo rose to fame owing to Sex and the City and the late Princess Diana, after it was founded by the shoe designer and creative officer Tamara Mellon in 1996.
Fans of towering heels are expecting that the Michael Kors purchase will revive the brand and help relive its glorious days.
In an attempt to woo shoppers, Michael Kors has offered heavy discounts but has ended up giving people reason to pause before paying full price and diminishing the brand's cachet.
What is your take on this new acquisition? Comment below and let us know.
