News 25 July 2017
Author: Marisa Lee

You won’t believe how much Michael Kors is buying Jimmy Choo for

Author Marisa Lee
25 July 2017

Iconic shoemaker Jimmy Choo has just been bought by luxury fashion brand Michael Kors for a massive £896 million ($1.2 billion).

Jimmy Choo went on sale in April, and Kors has now added another huge global name to its roster. Recent years have been a struggle for the latter company, with its most recent same-store sales figures down 14%.

The Telegraph’s Lisa Armstrong says that Jimmy Choo feels this deal with fellow fashion house Michael Kors is better than being “passed around by more venture capitalists”.

Michael Kors said the acquisition was expected to deliver a number of benefits, including “the opportunity to grow Jimmy Choo sales to one billion dollars” and “a more balanced portfolio with greater product diversification”.

Choo trained at the renowned Cordwainers Technical College in London, founding the business in 1996 with former Vogue journalist Tamara Mellon.