Fashion brand Michael kors has bought over Jimmy Choo for £896 million pounds, the equivalent in dollars which sums up to $1.2 billion, after it put itself up for sale in April.
Jimmy Choo is a British fashion brand, specialized in the production of shoes, bags, accessories and fragrances. Founded in 1996 by Couture shoe maker Jimmy Choo and Vogue accessories editor Tamara Mellon. Notable as being one of the favorite of the late Princess of Wales, Princess Diana and “Sex and the City Star” Sarah Jessica Parker.
“This continuity of leadership will ensure that the DNA of Jimmy Choo is maintained as we work together to continue to grow the brand globally,” said Kors CEO John D. Idol.
The bright side of the new marriage is that the chief executive Pierre Dennis and creative Director and designer Sandra Choo still hold their positions in Jimmy Choo. Which means that if at all there will be a change in production strategy, the products will still have a familiar distinctive feel to it.
This is the second major buy over in the fashion industry this year. The first of which occurred earlier this year, when Coach bought over Minimalist Fashion brand Kate Spade for over 3 billion dollars. But unlike the buy over between Coach and Kate Spade, Jimmy Choo and Michael Kors are not exact opposites in respect of product appeal and age demographic.