In a $1.2 billion deal, Michael Kors buys Jimmy Choo

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.

 

News Sources – The New York Times, Forbes

Novak Djokovic splits with coach Boris Becker

World number 2 Novak Djokovic has called quits with his coach of three years and former world number 1 Boris Becker. The partnership of three years was a successful one. Djokovic dominated the tennis arena and won 6 Grand Slams with Boris Becker in his camp. Under his guidance, Djokovic also completed his career Grand Slam with this year’s French Open win.

Novak Djokovic made this announcement on his Facebook Page, posting, “The goals we set when we started working together have been completely fulfilled…” He further thanked Boris for his cooperation, teamwork, dedication and commitment.

The decision has come after Djokovic’s sudden loss of form after his third round Wimbledon loss to Sam Querry followed by his first round exit at Rio Olympics and then the recent blow of losing number 1 position to Andy Murray.

The former Wimbledon Champion, Boris Becker, dropped hints of the separation while giving a series of interviews to the British media during the ATP World Tour Finals.

Novak Djokovic has made changes in his coaching staff during the end of 2016 season with the addition of Spanish spiritual guru Pepe Imaz.

Sources – ESPN, Telegraph

Milos Raonic calls it quits with coach Carlos Moya

Despite of having a record year, Canada’s Milos Raonic had parted ways with his coach Carlos Moya on December 1 and has ended their coaching relationship.

With the former French Open champion Moya, Raoic reached his first Grand Slam final and finished at three in the world behind top-ranked Andy Murray and Novak Djokovic.

The 25-year-old tennis player teamed up with Moya in January.

According to the BBC, Raonic announced the split on Instagram and claimed that Moya will still remain his close friend.

He posted a picture of himself playing in the court with Moya standng behind him. Along with it Raonic wrote, “Thank you to Carlos Moya for helping me tremendously this year, alongside my team, to get the best out of me.”

He added that under Carlos’ direction and tutelage he has played his best yet to date. They will no longer be continuing their coaching relationship but remain close friends.

Raonic has also worked with the three-time Wimbledon champion John McEnroe for the grass court season and during the ATP finals.

Sources –

Sources: 1] https://goo.gl/Y5UFvP

2] https://goo.gl/6B7UUR