Michael Kors steps in to buy Jimmy Choo brand

0 The products boast a ‘sexy cut, fashionable design, and exceptional Italian craftsmanship’ Luxury shoe brand Jimmy Choo is to be acquired by US fashion brand Michael Kors in an £896 million deal.

London-listed Jimmy Choo put itself up for sale as part of a strategic review in April and Michael Kors said yesterday it was “the ideal partner” for the firm.

The group said in a statement that it will support the growth of Jimmy Choo through “retail store openings and further development of its online presence”, adding that the shoe firm will oper- ate under its existing management team, including chief executive Pierre Denis.

Under the terms of the deal, Jimmychooshareholderswill receive 230p in cash for each share, a premium of 36.5 per cent on the firm’s share price of 168.5p on 21 April.

In March, the group cheered record revenues and profits thanks to a boost from the Brexit-hit pound and strong sales across Asia. The firm saw annual revenues climb 15 per cent to £364m in the year to the end of December.