For a while now, Michael Kors has been searching for a luxury brand to buy, and it looks like they’ve found one. CBC is reporting that American fashion brand Michael Kors is set to purchase luxury shoemaker Jimmy Choo in a deal that would see the Jimmy Choo brand sold for around $1.35 billion US.
This is a strong move for Michael Kors as the brand has been looking for a way to bolster its offering as Michael Kors has been quietly struggling to maintain top luxury status.
In an excerpt from the CBC article, John Idol, CEO of Michael Kors, is quoted as saying, “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.”