Michael Kors Bought Jimmy Choo for $1.2 Billion

The luxury shoe brand Jimmy Choo officially has a new owner. The American brand Michael Kors is the one behind the purchase. Just yesterday, Michael Kors, the chairman of the company, released the news that they bought the shoe brand for an impressive $1.2 billion.

“Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories. We admire the glamorous style and trendsetting nature of Jimmy Choo designs,” said Michael Kors.

Michael Kors Bought Jimmy Choo for $1.2 Billion
Photo Courtesy: Getty Images

Jimmy Choo was established in 1996 by Tamara Mellon, who is the editor of British Vogue and the designer Jimmy Choo. Their luxury designs became a favorite for many celebrities such as Sarah Jessica Parker, Jennifer Lopez, and Beyoncé. Their popular stilettos and strappy sandals were sold at an average price of $1,000. The shoe company already owns over 150 stores all around the world.

Michael Kors Bought Jimmy Choo for $1.2 Billion
Photo Courtesy: Jimmy Choo

The shoemaking brand was placed on the market earlier this year, in April. The major shareholder JAB announced their intentions to focus their business on the food and beverage industry. They’ve already purchased companies such as Panera, Caribou Coffee, and Krispy Kreme. Each shareholder got 230 pence (about $3) per share during the sale.

Michael Kors Bought Jimmy Choo for $1.2 Billion
Photo Courtesy: Reuters

According to Michael Kors representatives, the main things at the shoe company are going to stay the same. They are going to strive for improvements only in the area of designs and quality. The current CEO of the shoe company, Pierre Denis, is going to keep the position that he’s had since 2012. He was previously the executive director at LVMH. Also, the creative director Sandra Choi, who is Choo’s niece, is going to continue with her work for the brand. It is estimated that she will earn $2.9 million from the sale, while Denis will earn around $8 million.

“Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear. 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.”- said John Idol, the chief executive of Michael Kors.

Michael Kors Bought Jimmy Choo for $1.2 Billion
Photo Courtesy: Invision

Michael Kors is just another brand that is currently struggling with the declined sales and the huge competition. As a store that sells luxury goods, they are taking large hits from fast-fashion brands and e-retailers. Kors is closing over 100 of its stores, renovating over 100, and it is trying to implement more innovations.

Recent Posts

Ashley Graham & Brooke Shields Front New Swimsuits For All Ads

Swimsuits For All once again released an iconic campaign. The beloved swimwear brand is one of those labels that are re-defining the whole industry. They’ve proven on many occasions that ladies of all sizes look...

Ariana Grande & Pete Davidson Are Reportedly Dating

It seems that Ariana Grande is already over her ex-boyfriend Mac Miller. Watch the video for more details about her new romance.

Rosie Huntington-Whiteley to Launch a Beauty Line

Another day, another celebrity beauty line! The beauty industry is at its peak right now. Naturally, every A-lister wants a share of the industry's boosting profits. The latest celebrity to join the launching makeup line...

KKW Beauty To Launch Highlighter Palettes

Kim Kardashian has more surprises up her sleeve for all the makeup fans. The beauty mogul keeps releasing innovative products that are changing the way ladies do their makeup. So far she blessed us with crème...

Katy Perry Slams Meghan Markle’s Bridal Gown

Katy Perry just said something surprising about Meghan Markle's wedding dress! Watch the video for more details.