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Fashion brand Michael Kors acquires Jimmy Choo

Courtesy: HT

New York: In a deal worth $1.35 billion, American fashion brand Michael Kors is acquiring luxury shoemaker Jimmy Choo.

Kors says that Jimmy Choo, which counts Jennifer Lopez, Princess Diana and Beyonce among its fans, is “the ideal partner” and will strengthen its online prominence.

Jimmy Choo CEO Pierre Dennis will stay in his job, as will Creative Director Sandra Choi, reports HT.

The deal gives Jimmy Choo shareholders 2.3 pounds in cash for each share, a premium of 36.5 percent on the firm’s share price of 1.685 pounds on April 21.

“Acquiring Jimmy Choo is the beginning of a strategy that we have for building a luxury group that really is focused on international fashion brands,” John D. Idol, the chairman and chief executive of Michael Kors Holdings, said in an interview.