As retail sales continue to plummet, brands are acquiring other brands. Michael Kors is the latest to join in on the trend, buying up Jimmy Choo for $1.2 billion.
According to the New York Times, “Michael Kors Holdings said it had agreed to buy the shoe company Jimmy Choo for 896 million pounds, or about $1.2 billion, the latest push by an American high-end fashion house to find sources of growth in an increasingly competitive retail landscape.”
Michael Kors is expected to open new Jimmy Choo retail stores and expand their e-commerce presence.
John D. Idol, chairman and chief executive of Michael Kors, said this buyout is “poised for meaningful growth in the future.”
What do you think of this new fashion fusion?
Photos Courtesy of Business of Fashion, BBC, and Fashion Network