Fashion mash up: Michael Kors to buy Jimmy Choo for over €1 billion
It looks like Michael Kors is going to be the new owner of Jimmy Choo.
The US designer has agreed to buy the luxury shoe brand for $1.2 billion (€1.02b), however, it promises that no changes will be made to the British footwear.
Jimmy Choo went up for auction in April after its majority owner, JAB, decided to focus on profits in "consumer goods."
And even though Michael Kors has been struggling with declining sales, the brand believes that acquiring Jimmy Choo will boost revenue.
The New York Times commented saying that this will be a "source of growth in an increasingly competitive retail landscape" for the American company.
Speaking of the decision, Michael Kors said: “Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories.
“We admire the glamorous style and trend-setting nature of Jimmy Choo designs,” he added.
