US retailer Michael Kors buys luxury British shoe brand Jimmy Choo for $1.2 billion/£896m!
The American luxury fashion brand (Michael Kors) is set to acquire the British high fashion brand (Jimmy Choo) known for its stiletto heels and accessories made popular by top celebrities.
Michael Kors who has been struggling in recent times with sales decline reportedly won the bid to buy the British shoe and bag company after an auction that attracted a lot of international bidders!
Jimmy Choo was put up for sale earlier in April after JAB majority owner of the brand decided to focus on consumer goods. The brand synonymous with premium footwear was found in the East end of London selling across New York, Tokyo, London and Paris.
Jimmy Choo was made popular by Late Princess Diana and top celebrities including Sarah Jessica Parker.
Michael Kors was launched in 1981 known for watches, accessories and handbags, the brand was once a hugely popular brand until recently when they recorded sales decline.
Pierre Denis who has been with Jimmy Choo as CEO since 2012 and Creative Director Sandra Choi as well as Finance Director, Jonathan Sinclair will stay on board.