Home Fashion Michael Kors Reaches Agreement to Buy Jimmy Choo for $1.2 Billion

Michael Kors Reaches Agreement to Buy Jimmy Choo for $1.2 Billion

It has been revealed that Jimmy Choo have successfully found their 'well heeled' buyer after it breaks that Michael Kors have agreed on a deal worth $1.2 billion.

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Fashion giant Michael Kors have been revealed to be the winning interested party in the purchase of London-based Jimmy Choo after it was initially revealed that they faced competition from at least three other prospected buyers.

According to a statement that sheds light on the purchase, Michael Kors has agreed to purchase the famous stilettos, handbag and perfume brand for £896 million ($1.2 billion) as they look to continue their growth within the garment industry.

Having made their mark within the handbag market, Michael Kors accepted a deal that signals their first clear sign of intent to move into wider aspects of the fashion and perfume industry, with the statement that has been released revealing that the handbag brand was happy to pay 230 pence per share, an 18% premium to the closing price of the day the deal was struck.

Indications show that the brands will co-exist and it is thought that very little will change in terms of where or how the Jimmy Choo collections are made, but it will be interesting to see whether there are areas that Michael Kors will look to utilise their new connections to create a bigger mother brand of the original branding.

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