Luxury handbag maker Michael Kors to buy Jimmy Choo for $1.2 billion

If you are a collector of luxury handbags and accessories then there’s some good news for you. Michael Kors is all set to buy British luxury shoe and accessory brand Jimmy Choo for $1.2 billion (around Rs 7,721 crore), according to The Wall Street Journal. Now you don’t have to make two different trips to these luxury boutiques – you will get everything under one roof.

Jimmy Choo, Michael Kors, Priyanka ChopraBritish Vogue editor Tamara Mellon and designer Jimmy Choo, who started the company in 1996, will no longer be involved with the shoe brand. However, CEO Pierre Denis, who has been running the company since 2012, will continue at the helm of affairs. According to a report in Forbes, Michael Kors said in a statement, “We admire the glamorous style and trend-setting nature of Jimmy Choo designs.”

Jimmy Choo’s strappy stilettos, which often cost more than $1,000, reached cult status with the likes of the late Princess Diana and Hollywood actor Sarah Jessica Parker favouring it. So, it’ not really a surprise that at the auction, bids came from a large number of competitive international names but the luxury goods brand came out on top.

Author: admin