Wed, 26 Jul 2017 | BUSINESS SALE
Luxury shoemaker Jimmy Choo has been bought by US fashion house Michael Kors Holdings in a deal believed to be worth around £900 million.
Best known for its stiletto shoes, which sell for up to £3,000 a pair, the brand was founded in an East London workshop in 1996.
After shooting to fame thanks to Sex and the City’s Carrie Bradshaw and her devotion to the brand, Malaysian founder Jimmy Choo has designed shoes for the high street and more exclusive customers, with famous owners including the Duchess of Cambridge, Beyoncé and Kendal Jenner.
The firm also produces and sells a range of other luxury goods, such as bags, perfume, trainers and hats, from its 150 stores around the world and via 60 franchise outlets.
Founded by Choo and then Vogue accessories editor Tamara Mellon, the shoemaking firm has changed hands several times since through a string of private equity firms. Choo sold his 50 per cent stake in 2001 while Mellon left in 2011, after JAB Luxury bought the firm for more than £500 million.
Michael Kors’ £896 million acquisition is expected to be finalised this autumn, marking a significant mark-up on the £545.6 million the British firm was valued at when it launched on the London Stock Exchange less than three years ago.
John Idol, chief executive of Michael Kors, said: “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.”
Like Jimmy Choo, Michael Kors is also named for its founder and creative force. The brand is described as a “more affordable” upmarket label and is considered one of the world’s fastest-growing fashion labels, selling shoes, eyewear, watches, jewellery and perfume.
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