Michael Kors buys Jimmy Choo for $1.2 Billion

Published on: 26 Jul, 2017

According to Reuters, U.S. retailer Michael Kors Holding Ltd (NYSE: KORS) agreed to buy luxury shoemaker Jimmy Choo PLC for $1.2 billion, snapping up a British company whose towering stilettos have been made famous by celebrity customers from Princess Diana to Kendall Jenner.

Two months ago, rival handbag maker Coach Inc. (NYSE: COH) struck a deal to buy quirky fashion brand Kate Spade & Co (NYSE: KATE), as so-called affordable luxury companies look at new markets and customer bases to boost flagging sales.

Jimmy Choo makes three quarters of its revenue from selling shoes and has about 150 company-operated retail stores around the world.

Their strong performance stands in contrast to Kors, which has lost 65 percent of its market value since 2014 due to fierce competition and a drop in customers at department stores.

Jimmy Choo’s shares went up 17 percent at 228.00 pence at 1510GMT. Michael Kors’ shares fell 1.2 percent this morning at the New York Stock Exchange.

Kors said on a conference call that Jimmy Choo will help Kors expand its footwear portfolio to 17 percent of total sales form 11 percent.

John Idol, the Chief Executive at Michael Kors said that the shoemaker has the potential of raking in $1 billon in sales annually as it opens more stores in Asia, especially China. He also said that the pace of the store expansion will be measured.

The company was expanding too fast, making the brand too ubiquitous, leading to a falling demand for Kors bags.

In May, Michael Kors said that sales at stores established for more than a year fell 14 percent in its fiscal fourth quarter.

Jefferies analysts wrote in a broker note “We like the target given its solid financial footing, premium luxury positioning, and footwear leadership.”

According to Reuters, Kors will pay a premium of 36.5 percent to Jimmy Choo’s closing price before it was put up for sale.

Zuzanna Pusz, an analyst from Berenberg said that the Kors and Coach deals showed U.S. accessible luxury companies were pursuing the multi-brand strategy found in Europe, where cash flows from one large brand are reinvested into smaller but faster growing ones.

After its majority-owner JAB, the investment vehicle of Germany’s billionaire Reimann family signaled its intention to focus on consumer goods instead, Jimmy Choo put itself up for sale in April.

Goldman Sachs and JP Morgan acted for Michael Kors on the deal, while Merrill Lynch, Citigroup, Liberium and RBC Europe acted for Jimmy Choo.


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Aug 10, 2019 at 11 45 am

Richmond man pleads guilty to double murder in Coquitlam

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Sep 19, 2019 at 01 42 pm

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Am I alone in this or is somebody out there experiencing itlike me as well?

identical here :or,--(. I to be able to end the relation of 13 yrs in the middke of this preg. I have been depress ever since even when I know is a better for my family. Unfortunatley I dont have a good spouse now w my ex ( His lost) But I am focusing on this 4 weeks that I have left I have been bless w good those people who are really joyful for my new addition. So one door closed most has open after : ). Be healthy!

Feeling and experiencing much of the same. Very perplexed and upset. Just found out husband started an online dating service account and saw the pics he posted of himself today. We recently married this past April and I am 5 months as of the other day. We've undergone alot together, I was there for him through alcohol and drugs detox and his recovery. He has scammed on me (Physically with other women not just online) Before and this new uncovering has just made me feel heart broken after I let myself trust him again. Going to approach him today and am ready to move on. Feeling somewhat dumb, Mostly sad but I know that things will get better. Hang within, We will cope with this. He had his good and the bad being supportive and none supportive. One day during school I broke down into tears and realized it wasn't right my friends and teachers gave me advice and helped me, On exact same day I got home and told him I want him gone! He was shocked and said he never did anything to deserve this, I found him a couple of apartments for him and he finally moved this is the only time in my pregnancy I felt a relief tho deep down I never thought this would have happened too me

I am so sorry you have to disclose this. You are not alone. I am from aussie and married and American and I am 4 months pregnant. He is being sentimentally abusive and doesn't even think he is. He has uncomfortable me if I leave and go back to Australia where my family is, He can get me charged for kidnapping his child. I really don't follow simple proven steps. I weren't able to work so I have no moldova wife money. He has never put me on any of his accounts because i haven't earned enough here. additionally it is hard and I'm feeling very lost and lonely. He will happen after me for sure if I tried to leave. i'm not sure what the laws are when the baby is not here yet, I'm so sad as all i wanted was a happy family. ;(

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Oct 10, 2019 at 07 06 pm


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