Michael Kors Just Bought Jimmy Choo for $1.2 Billion!!
Michael Kors is going all in with the new purchase of Jimmy Choo for nearly $1.2 billion!
According to WWD, each shareholder of the high-end footwear label will receive $3 per share in cash. If you invested in shoes over the last decade or so, you might be in for a pretty penny.
New York Times reports the acquisition is in response to the decrease in sales for upscale brans, and that mall shopping has declined sharply. However, e-commerce sites continue to thrive.
Coach recently bought Kate Spade for $2.4 billion.
Seeing that Michael Kors and Jimmy Choo are both known for their super high stilettos and glamorous appeal, it should make for quite the partnership.
Michael told WWD it plans to incorporate the “experiences, infrastructure, and capabilities that it has developed over the course of its own worldwide growth as a luxury fashion brand to support the growth of Jimmy Choo through retail store openings and further development of its online presence.”