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Michael Kors to acquire Jimmy Choo for $1.2 Billion

BellaNaija.com

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Michael Kors to acquire Jimmy Choo for $1.2 BillionMichael Kors, on Tuesday, announced that it is buying luxury shoemaker Jimmy Choo for $1.2 billion, Wall Street Journal reports.

The luxury handbag maker, experiencing a shortfall of profits lately, is hoping the deal can turn things around and give them a bigger foothold in the luxury shoe business.

While the market for luxury shoe has been growing steadily, sale of luxury handbags has slowed down.

The luxury shoe brand was founded in 1996 by Tamara Mellon, who was the accessories editor at British Vogue, with Malaysian cobbler Jimmy Choo.

Michael Kors has said the luxury shoe brand will continue with its current management team, including the chief executive, Pierre Denis, and Sandra Choi.

The company said that they will open new Jimmy Choo retail stores and develop its online presence.

Photo Credit: jimmychoo.com

9 Comments

  1. BB

    July 25, 2017 at 11:10 pm

    JC brand certainly loosing the “it” factor

    • Pat

      July 26, 2017 at 2:23 am

      No body gats time to spend that much money on a shoe.

    • Anon

      July 26, 2017 at 8:14 am

      People are very much willing to spend. It just has to be on a brand that’s deemed worth it. People are still splurging on Manolo Blahnik, even Christian Louboutin

  2. Sisioge

    July 26, 2017 at 7:21 am

    This is what happens when we have people dissing Michael Kors and praising Jimmy Choo instead of BUYING Jimmy Choo 😉

    • AceOfSpades

      July 26, 2017 at 8:16 am

      You are so right Sisioge. This happens a lot when people diss one brand and praise another but they lowkey buy the brand and don’t buy the one they praise.

      It’s like Timaya first album and Small Doctor’s album. People will diss the album as razz but they enjoy it and buy lowkey while they praise Bez and Timi Dakolo but don’t buy that much. Entrepreneurship is something mehnn

  3. Poesy

    July 26, 2017 at 9:24 am

    Michael Kors having the last laugh. Anyway, if you’re a fan of Jimmy Choo, check out his niece, Lucy Choi. Talented family.

  4. BlueEyed

    July 26, 2017 at 10:18 am

    Anyway I saw Jimmy Choo selling out, not with the immense turn over the Giuseppe’s and Louboutins have, what is surprising me is that they sold to Michael Kors, wow so MK is selling like that? even with low sales folks still praise JC more than MK, and it’s MK that is still cashing in.

    • Anon

      July 26, 2017 at 12:26 pm

      Both of them have recorded dips in sales recently. MK wants to use this to boost its sales and add more prestige to its brand. JC had been passed around a bit and didn’t want to end up with another venture capitalist so settled for MK

  5. eagleeye

    July 26, 2017 at 1:59 pm

    Has acquired BN…
    £896m in cash…..update you news BN please

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