Jimmy Choo has been bought by Michael Kors Holdings in a deal which values the company at $1.35bn (£896m).
Following the deal’s completion, Jimmy Choo will continue to operate as it does today under its existing management team comprising Pierre Denis, Sandra Choi and Jonathan Sinclair, under the Michael Kors umbrella.
John D Idol, Chairman and CEO of Michael Kors, said the company was pleased to announce the acquisition of the brand, which he described as iconic.
“We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years,” he added.
Jimmy Choo operates 150 retail stores, 560 multi-brand doors and more than 60 franchise stores located around the world, with key markets including Europe, the Middle East, Americas and Asia.
Michael Kors noted that it intends to apply the experiences, infrastructure and capabilities that it has developed as a company over the course of its own worldwide growth as a luxury fashion brand to support the growth of Jimmy Choo through retail store openings and further development of its online presence as well as through an expanded assortment of additional fashion product offerings.
In April, JAB Luxury, the majority shareholder of Jimmy Choo, confirmed that is was considering selling the company.
The Jimmy Choo directors conducted an auction process to identify potential new owners. They received a proposal from Michael Kors, which they believed was “the most attractive proposal for Jimmy Choo and its shareholders” and represented a significant premium to Jimmy Choo's share price.
Jimmy Choo’s fragrance have been under licence with Interparfums since 2009.
Its fragrances include: Illicit Flower, Illicit, Man, Flash and the original Jimmy Choo for women edp.
