Michael Kors Acquires Jimmy Choo Luxury Shoe & Accessories Brand

Michael Kors has reached an agreement to acquire luxury footwear and accessories brand Jimmy Choo in a deal valued at $1.2 billion.

“Pierre Denis will continue in his role as CEO of Jimmy Choo. He has led the company since 2012, during which time Jimmy Choo experienced compounded sales growth of 11 percent annually. Additionally, Creative Director Sandra Choi will continue to lead the creative and design teams at the company. Sandra has been with Jimmy Choo since its inception and has been the sole Creative Director since 2013,” John D. Idol, Chairman and Chief Executive Officer of Michael Kors, said in a statement.

Two decades old, Jimmy Choo, a luxury accessories brand launched in 1996. The company operates approximately 150 company-operated retail stores, 560 multi-brand doors and more than 60 franchise stores in premier locations worldwide.. Jimmy Choo continues to invest significant dollars in its online platform and believes it can grow the platform to a billion in sales.

In late May 2017, Michael Kors announced that it will close 100-125 full-price luxury Michael Kors stores in 2018.