Pairing the perfect handbag with shoes is no longer a difficult task. Luxury fashion retailer, Michael Kors, announced that it has purchased British powerhouse, Jimmy Choo.
The deal is said to be for $1.2 billion, or £886 million, and is expected to catapult the diminishing sales of these high couture brands. Michael Kors, one of America’s and the world’s most affordable brand on the high couture shelf, has faced dipping sales over the years with a sizeable chunk of their consumer base opting for e-purchases, or more affordable retailers like Zara and H&M.
Jimmy Choo, started in 1996 in a market where shoes did not toe the line. With daring designs and revolutionary styles, a frenzied, loyal consumer base was found, with the likes of the late Princess Diana, Emma Stone, Kate Middleton, Kendall Jenner and Michelle Obama sporting them on the red carpet. They went up for sale in April and finalised with Michael Kors this week.
This deal comes just a month after luxury handbags and accessories giants, Coach and Kate Spade drew a buy-out deal worth $2.4 billion, bringing the affordable high fashion game to a far more competitive edge.