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Michael Kors to Acquire Jimmy Choo for $1.2B

The battle for Jimmy Choo is over. Michael Kors announced Tuesday an agreement to buy the London-based luxury shoemaker for $1.2 billion.

The U.S. luxury accessories and ready-to-wear brand won the stiletto race, despite news last week that Interparfums signed a Non-Disclosure Agreement with the footwear brand. The deal is expected to be closed by the end of the year.

Jimmy Choo brings with it approximately 150 company-operated retail stores, 560 multi-brand doors and more than 60 franchise stores in locations across the globe, as well as an online platform prime for growth.

In a press release, Michael Kors stated that it sees an opportunity to grow Jimmy Choo sales to $1 billion. “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,” stated Michael Kors Chairman and CEO John D. Idol.

The acquisition comes with many benefits for Michael Kors, which was rumored to be interested in purchasing Kate Spade, including enhancing the company’s position in the high-end luxury market and new opportunities to grow the men’s luxury footwear category. The acquisition will also give the company greater exposure to world markets, especially the fast-growing Asian market.

[Read more about Michael Kors’ expansion aspirations: Kors, Kate & Coach: Battle for the Purse Strings]

Jimmy Choo CEO Pierre Denis, an industry veteran with around 25 years of experience, will continue in his role with the brand which he has been in since 2012. During Denis’ tenure Jimmy Choo saw yearly double-digit growth. Also staying on staff, Jimmy Choo Creative Director Sandra Choi will continue her role in leading the creative and design aspects of the brand, as she has been with the company since its beginning, and the sole creative director since 2013.

“It is a privilege for our management team to lead Jimmy Choo and to preside over such an exciting period for our company. We are convinced that there is so much more that can be delivered in the years ahead,” said Denis. “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.”