Breaking Choos: Michael Kors to buy Jimmy Choo for €1.15bn

The deal has been approved by both companies

Breaking Choos: Michael Kors to buy Jimmy Choo for €1.15bn

Image: michaelkors.com

Luxury fashion brand Michael Kors is to buy footwear-maker Jimmy Choo for around US$1.35bn (€1.15bn).

Under the terms of the sale, Jimmy Choo shareholders will receive 230p (257c) per share.

The transaction has been approved by the boards of directors of both companies.

Chairman and CEO of Michael Kors, John Idol, said: "We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house.

"Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear. The company is a leader in setting fashion trends."

Michael Kors, honorary chairman and CEO of Michael Kors, said: "Jimmy Choo is a premier fashion luxury house that offers distinctive footwear, handbags and other accessories.

"We admire the glamorous style and trendsetting nature of Jimmy Choo designs. We look forward to welcoming Jimmy Choo to our luxury group."

Stock image of a Jimmy Choo shop in London | Image: Jonathan Brady/PA Archive/PA Images

While Pierre Denis, CEO of Jimmy Choo, added: "It is a privilege for our management team to lead Jimmy Choo and to preside over such an exciting period for our company.

"We are convinced that there is so much more that can be delivered in the years ahead."

Mr Denis will continue in his role as Chief Executive Officer of Jimmy Choo.

The footwear firm has 150 company-operated retail stores, 560 multi-brand doors and more than 60 franchise stores worldwide.

Michael Kors, established in 1981, produces a range of products including accessories, footwear, wearable technology, watches, and fragrance products.

Michael Kors is publicly listed on the New York Stock Exchange, while Jimmy Choo is listed on the London Stock Exchange.

Both companies have a presence in Ireland.