MICHAEL’S SEXY SHOES
“Is it wise to run in Jimmy Choos? Michael Kors is going to try,” quipped The New
York Times in response to the US$1.2 billion deal that stunned the fashion world in July.
The acquisition is Kors’ latest move to expand his portfolio and strengthen his brand’s position in the luxury market. Jimmy Choo was launched in 1996 by British Vogue editor Tamara Mellon and designer Jimmy Choo. High-profile clients of its sexy stilettos included the late Princess Diana and the fictional Carrie Bradshaw of Sex and the City fame.
Said Forbes: “The acquisition will give Michael Kors a new avenue for international growth and a foothold in the luxury shoe market. ‘We admire the glamorous style and trend-setting nature of Jimmy Choo designs,’ said Michael Kors, honorary Chairman and Chief Creative Officer, in a statement.
Reuters reported: “Jimmy Choo will help Kors expand its footwear portfolio to 17 percent of total sales from 11 percent, Kors said on a conference call. The shoemaker has the potential of raking in US$1 billion in sales annually as it opens more stores in Asia, especially China, Kors Chief Executive John Idol said.”