Today Michael Kors announced that they are set to buy luxury shoe maker Jimmy Choo for £896 million. Michael Kors are the industry leader in the mid range price bracket for handbags, watches and modern, daytime clothing. Jimmy Choo, however, sits in a higher price range and a luxury market. It comes as no surprise that the brand is worth so much as they are often the go to brand for fashion editors and are apparently the shoe of choice to wear to the Oscars. Their range of stilettos and glittery accessories have been long worn and loved by a vast range of celebrities including Jennifer Lopez and Sarah Jessica Parker.
The brand was often featured in the HBO series 'Sex and the City' which made Parker, who starred as Carrie Bradshaw, a fashion icon. This caused a surge in it's popularity in the 90's as the show was a hit with young fashionable women.
Jimmy Choo was last bought by JAB Holdings in 2011 for £500 million. The management at Jimmy Choo is not expected to change, but it will be interesting to see how the two giant fashion house's work together going forward. Their plans are rumoured to include an expansion into the luxury mens footwear market.