Michael Kors Buys Jimmy Choo!
Luxury British shoe brand Jimmy Choo has been bought by American designer Michael Kors for £896m. Jimmy Choo, which started out at a Hackney cobblers, rose to become one of Britain's best known fashion brands. It was founded by Tamara Mellon (former Vogue accessories editor) and Malaysian designer Jimmy Choo in 1996 but they are no longer involved in the brand.
JAB Holding, who owns 70 percent of the luxury brand is moving out of the luxury fashion market into the coffee and food business. Jimmy Choo is among many high end fashion brands that have been struggling as consumers are moving away from large brands. However, Michael Kors has a strong belief in the Jimmy Choo brand and expect it to flourish in the future.
John Idol, chairman and chief executive officer of Michael Kors, says “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.”
The same management structure will stay in place, with Pierre Denis as chief executive and Sandra Choi as creative director.