Michael Kors is set to buy Jimmy Choo
Michael Kors is set to buy Jimmy Choo.
The 57-year-old fashion designer is reportedly going to buy the luxury shoe and accessory brand for £900 million, and the mogul pipped other bidders to bag the fashion house after the brand went up for auction, The guardian has reported.
The creative mastermind agreed to pay 230p per Jimmy Choo share with board directors, who currently own 1.3 per cent of the company, which was founded by Tamara Mellon and Jimmy Choo in 1996, although the pair no longer have any involvement in the fashion house.
The New-York born star's offer is final and will not be changed for any reason, unless they receive another offer from a third party.
This news comes shortly after Jimmy Choo's main shareholder, JAB Luxury, put the firm up for sale in April this year, in a bid to sell their six per cent of the business.
Although Michael Kors has bought the brand, the creative director, Pierre Denis, will stay with the company, which he has run for five years since 2012.
As well as Pierre, creative director Sandra Choi, will also keep her role.
However, the chief executive of Jimmy Choo, John Idol, does not fear for the future of the label and believes there will be "meaningful growth in the future" under Kors' direction.
Idol said: "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 we are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years."