Michael Kors buys Jimmy Choo for USD 1.5 billion
Under the terms of the transaction, Jimmy Choo shareholders will receive 230 pence per share, with an enterprise value of approximately USD 1.350 billion.
Global fashion luxury brand Michael Kors on 25 July 2017 announced to buy global luxury footwear and accessories brand Jimmy Choo for approximately USD 1.2 billion. With this, Micheal Kors aims to this coveted global brand to its lot as its own handbag and accessories sales suffer.
The transaction was approved by the Boards of Directors of both Michael Kors and Jimmy Choo.
Highlights of the Michael Kors- Jimmy Choo Deal
• Under the terms of the transaction, Jimmy Choo shareholders will receive 230 pence per share, with an enterprise value of approximately USD 1.350 billion.
• Pierre Denis will continue in his role as Chief Executive Officer of Jimmy Choo. He has led the company since 2012.
• Additionally, Creative Director Sandra Choi will continue to lead the creative and design teams at the company.
• This acquisition is expected to enhance the positioning in the attractive luxury footwear segment along with providing an opportunity to grow in the men’s luxury footwear category.
• This acquisition will also help to grow Jimmy Choo sales to USD 1 billion.
About Michael Kors
• Michael Kors is a world-renowned, award-winning designer of luxury accessories.
• Established in 1981, the company currently produces a range of products under Michael Kors Collection, MICHAEL Michael Kors and Michael Kors.
• Michael Kors stores are operated in the most prestigious cities in the world.
• In addition, Michael Kors operates digital flagships across North America, Europe and Asia, offering customers a seamless experience.
About Jimmy Choo
• Jimmy Choo is a luxury accessories brand that offers range of products including footwear, handbags, small leather goods, scarves, sunglasses, eyewear, belts and fragrance.
• Established in 1996, Jimmy Choo has a global store network encompassing more than 150 stores and is present in the most prestigious department and specialty stores worldwide.
• The company has a strong presence in Europe, the Middle East, the Americas and Asia.