British shoe line, Jimmy Choo, named after the Malaysian shoemaker has just been acquired by Michael Kors!
Though Jimmy Choo co-founded the brand in 1996 with former Vogue journalist Tamara Mellon, he has not been the owner since 2001. Rather Mellon and private equity investors took over, and it was listed on the London Stock Exchange in 2014 when Mellon left the label to begin her own clothing line.
This past April, Jimmy Choo was put up for sale again, and attracted the attention of multiple buyers. Ultimately, however, the shoe brand felt that a fellow fashion house would be a good buyer since it would be better than being “passed around by more venture capitalists”.
This is, of course, a great move from Michael Kors’ perspective as well. In particular, the company hopes to use its new acquisition as an “opportunity to grow Jimmy Choo sales to one billion dollars” and “grow in the men’s luxury footwear category”.
That’s quite a shopping spree!
Information and quotes accredited to BBC.