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American Designer Michael Kors has acquired Jimmy Choo in a sale that values the business at $1.3bn it was announced today.
The luxury British brand famous for their iconic shoe design was put up for sale in April after seeing sales slow in recent years.
Michael Kors, himself who is Honorary Chairman and Chief Creative Officer of the company that bears his name said: “Jimmy Choo is a premier fashion luxury house that offers distinctive footwear, handbags and other accessories. We admire the glamorous style and trendsetting nature of Jimmy Choodesigns. We look forward to welcoming Jimmy Choo to our luxury group.”
Pierre Denis will continue in his role as Chief Executive Officer of Jimmy Choo and Sandra Choi will continue to lead the creative and design teams at the company.
John D. Idol, Chairman and Chief Executive Officer of Michael Kors, said: “We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house.”
“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.”