Michael Kors buys Jimmy Choo in a $1.2 billion deal

You can now team up that classy Michael Kors handbag with a stunning pair of heels from the label itself! In recent news, the American fashion house is said to have acquired British Fashion label Jimmy Choo for a record breaking figure of $1.2 billion! The cash deal was pitched at 230 pence per share for Jimmy Choo, as was reflected on the London Stock Exchange.

The acquisition of Jimmy Choo comes as quite a surprise and is a certainly a plus for the already plummeting growth of Michael Kors. As per John D. Idol, the chairman and chief executive of Michael Kors Holdings, ““Acquiring Jimmy Choo is the beginning of a strategy for building a luxury group that really is focused on international fashion brands”. The American brand that is known for its fashion-forward designs and competitive prices is said to be targeting acquisitions that not only “lead in style and trend” but also “have some size, scale and heritage.”

Michael Kors has become a household name in the past few years, thanks to its celebrated founder who appeared on 10 seasons as a judge on the fashion-based reality television show “Project Runway”. However, the brand was certainly in need of an upgrade, and buying Jimmy Choo has given it just that! It certainly is going to be interesting to watch what Michael Kors can achieve with this acquisition!