Fashion giant, Micheal Kors is buying out Jimmy Choo for $1.2 billion. The London-based shoes and accessories company which became popular in the 90’s was put up for sale in April 2017, following a decline in sales in the last couple of years.
The former owners, Reimann family, were reportedly approached by a number of interested buyers but sold to Michael Kors.
Speaking on the buy in a press release, John D. Idol, the Michael Kors chairman and chief executive, said “We believe that Jimmy Choo is poised for meaningful growth in the future. We are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.” The terms of the transaction allows Jimmy Choo to still operate under its existing management team, including the chief executive, Pierre Denis. Michael Kors is set to open new Jimmy Choo retail stores and develop its online presence, while also expanding its range of fashion offerings.