So Michael Kors has bought Jimmy Choo for around USD1.2 billion. This is not the first, and probably not the last time that Jimmy Choo has changed owners. Jimmy Choo investors believe that Michael Kors will take the company in the right direction to become independent, and we’re all hoping for the best.
And honestly, shoes and bags have always gone hand-in-hand, so why not merge two companies who each specialise in one of those and sells the others too. Already Michael Kors is reportedly planning on opening 10 new Jimmy Choo retail stores a year as well as expanding the already expansive selection of men’s footwear – both in stores and online.
While the price difference may be extreme -USD665 for romy velvet pumps at Jimmy Choo, and a Georgia Velvet ankle-strap pump from Michael Kors is only USD70.88 -- one has high hopes that the price range will find a happy medium between the two (hopefully on the lower side, fingers crossed). Estimated sales rise from this new deal is from USD470 million to USD1 billion, so it seems like the brand foudned by the man is in good hands.
Jimmy Choo Ltd was co-founded in 1996 with Tamara Mellon, putting their footwear on high-profile peeps like Princess Diana and Charlize Theron. Datuk Jimmy Choo then sold his portion of the company in 2001, while still partaking in the design process within the company. Over the years, Jimmy Choo Ltd. has changed hands of ownership, each owner hoping to take the company in a better direction. Pray that Michael Kors can handle this latest acquisition.