New deal unites two of the largest luxury fashion labels in the world.
Pierre Denis will continue as chief executive officer of Jimmy Choo after the deal closes.
According to Michael Kors Holdings, the deal will further expand the company in the men’s luxury footwear category and luxury accessories market as well as provide the opportunity to grow Jimmy Choo sales to $1 billion.
Both fashion companies have robust licensing programs.
Michael Kors has a long-standing partnership with multiple licensees, such as Fossil and Luxottica, for accessories like watches and eyewear. Last year, the luxury fashion brand teamed up with McLaren-Honda to serve as the official lifestyle partner of the world championship Formula 1 team. Michael Kors also created a limited edition men’s leather jacket as part of the deal.
Meanwhile, Jimmy Choo has done a raft of collaborations in recent years including with artist Raphael Mantesso for
-themed shoes; and Twentieth Century Fox Consumer Products for “Empire”-themed footwear.
“We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house,” says John Idol, chairman and chief executive officer, Michael Kors. “Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear. The company is a leader in setting fashion trends. Its innovative designs and exceptional craftsmanship resonate with trendsetters globally. We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.”
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