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Michael Kors to Buy Jimmy Choo for $1.2 Billion

Michael Kors to Buy Jimmy Choo for $1.2 Billion

Jimmy Choo put itself up for sale in April this year and finally have found a new owner in Michael Kors.

Michael Kors which is famous for bags, said that it will pay £896 million ($1.2 billion) in cash to Jimmy Choo.

In a statement, CEO of Michael Kors, John Idol said: “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 is popular among the fashionistas all over the world. It was founded by former Vogue accessories editor Tamara Mellon and designer Jimmy Choo.

The luxury brand got international fame after appearing in films like ‘The Devil wears Prada’. It’s one pair of stilettos can easily cost above $1000. Once known for female shoes, the brand now also offers menswear and other accessories too.

 

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