Michael Kors has successfully reached an agreement that will see it acquire luxury footwear maker Jimmy Choo.
The board of directors at both the retailers have approved the deal, which will see Jimmy Choo shareholders receive 230p per share, leading to a total value of $1.35 billion (£1.04 billion).
Jimmy Choo, which trades from an estate of 560 stores worldwide, put itself up for sale in April with its largest shareholder JAB Luxury supporting the move.
In early May it was reported that Coach also expressed interest in the brand, tabling a £1 billion offer after hiring Jimmy Choo’s former boss Joshua Schulman as its new chief executive.
Michael Kors’ chief executive John D. Idol has stated that both chief executive Pierre Denis and creative director Sandra Choi will maintain their current roles at Jimmy Choo.
READ MORE: Coach eyes takeover of Jimmy Choo
“Mr Denis, Ms Choi and the rest of the highly-talented management team have done a tremendous job, and this continuity of leadership will ensure that the DNA of Jimmy Choo is maintained as we work together to continue to grow the brand globally,” Idol said.
Denis added: “It is a privilege for our management team to lead Jimmy Choo and to preside over such an exciting period for our company.
“We are convinced that there is so much more that can be delivered in the years ahead. We look forward to working closely with the leadership and team at Michael Kors Holdings Limited to further develop our iconic brand.
“Our two companies share the same vision of style and trend leadership. Our luxury heritage is the foundation of Jimmy Choo and we will continue to bring our brand vision to consumers globally.”
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