The news has been circulating for a while but today, Michael Kors has officially announced its purchase of Jimmy Choo for USD 1.2 Billion (approx. RM 5.14 billion).
Alongside with Hony Capital and CVC Capital Partners, Michael Kors Holdings Ltd will be taking over the entire portfolio of Jimmy Choo including shoes, handbags, accessories and even fragrances.
Rose to fame in the 90s, thanks to both real and fictional personalities like Princess Diana and Carrie Bradshaw, the brand Jimmy Choo is one of the main powerhouses in terms of the shoe game and has remained in power till this day.
With the take over by Michael Kors, the buyer has agreed to keep all of Jimmy Choo's existing management team including CEO Pierre Denis.
According to a quote from CNN, chairman and CEO of Michael Kors, John Idol, says, "We believe 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 over the last 20 years."