Everyone’s favourite handbag brand, Michael Kors has agreed to buy Jimmy Choo Plc. for a staggering $1.2 billion. This new fashion acquisition comes hot on the heels of Coach Inc. buying Kate Spade & Co. for $2.4 billion two months ago, in May. Coach had acquired A-lister favourite Stuart Weitzman for $574 million in 2015.
Both Michael Kors and Coach have handbags as their mainstays, but business has bee sluggish in the past few years, prompting a round of buying out other brands to increase the variety of their wares and widen customer base.
According to a report in BoF, Michael Kors has announced that the existing management team at London-based Jimmy Choo will continue to be lead by their CEO Pierre Denis.