Michael Kors to Acquire Jimmy Choo

Michael Kors Holdings Ltd. has reached an agreement to acquire Jimmy Choo PLC in a stock purchase deal worth roughly $1.4 billion. 

“We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house," said John Idol, chief executive officer of Michael Kors. "Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear.  We believe that [the company] is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that [it] has built over the last 20 years.”

Jimmy Choo CEO Pierre Denis will continue in the role, which he has held 2012, during which time the company experienced compound annual sales growth of 11%. Additionally, creative director Sandra Choi will continue to lead Choo's creative and design teams. "Mr. Denis, Ms. Choi and the rest of the highly talented management team have done a tremendous job, and 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,” Idol said.

With approximately 150 company-operated retail stores, 560 multi-brand doors and roughly 60 franchise stores worldwide, Jimmy Choo has a successful, balanced distribution network. The company has a strong presence in Europe, the Middle East, the Americas and Asia. In addition, Jimmy Choo continues to invest significantly in its online platform, which has experienced strong revenue growth in recent years.

The company also continues to build its presence in accessories and men’s footwear.  By integrating a dual gender product portfolio into its retail stores, Jimmy Choo expects to unlock additional value from this fast-growing segment of the business.