Under the terms of the transaction, Jimmy Choo shareholders will receive 230 pence per share, with an enterprise value of approximately $1.350 billion. The transaction has been approved by the boards of directors of both Michael Kors and Jimmy Choo.
“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. Its innovative designs and exceptional craftsmanship resonate with trendsetters globally. We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years,” said John D Idol, chairman and chief executive officer of Michael Kors.
Post acquisition, Pierre Denis will continue in his role as chief executive officer of Jimmy Choo. Additionally, creative director Sandra Choi will continue to lead the creative and design teams at the company. “This continuity of leadership will ensure that the DNA of Jimmy Choo is maintained as we work together to continue to grow the brand globally,” said Idol.
Michael Kors, honorary chairman and chief creative officer of Michael Kors, said, “We admire the glamorous style and trendsetting nature of Jimmy Choo designs. We look forward to welcoming Jimmy Choo to our luxury group.”
“We look forward to working closely with the leadership and team at Michael Kors Holdings Limited to further develop our iconic brand. Our two companies share the same vision of style and trend leadership. Our luxury heritage is the foundation of Jimmy Choo and we will continue to bring our brand vision to consumers globally,” Pierre Denis, chief executive officer of Jimmy Choo, said.
With approximately 150 company-operated retail stores, 560 multi-brand doors and more than 60 franchise stores in premier locations worldwide, Jimmy Choo has a successful, balanced distribution network. The company has a strong presence in Europe, the Middle East, the Americas and Asia. In addition, Jimmy Choo continues to invest significantly in its online platform, which has experienced strong revenue growth in recent years.
The acquisition of Jimmy Choo is expected to deliver a number of benefits, including the opportunity to grow Jimmy Choo sales to $1 billion, a more balanced portfolio with greater product diversification, an enhanced positioning in the attractive and growing luxury footwear segment, the opportunity to grow in the men’s luxury footwear category, further expansion in the luxury accessories market, greater exposure to global markets, particularly the fast-growing market in Asia, and the potential to create long-term operational synergies. (RKS)
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