Bag and shoe company Jimmy Choo was the coveted prize during a recent auction. There were numerous international bidders that took part at this event. However, U.S. fashion brand Michael Kors was the winner of the shoe deal thanks to a $1.2 billion investment.
Jimmy Choo Has an 11 Year Expertise in the Shoe and Bag Market
Michael Kors is going to integrate one of the most notorious shoe companies in the world. The U.S. brand agreed to buy Jimmy Choo for £230 per share. Both bidder and Jimmy Cho directors who own only 1.3% of the company agreed that the shoe deal is final. However, the only way that would allow executives to change the terms of the agreement is the presence of a new offer that surpasses that from Kors.
Jimmy Choo went a long way to reach the position it has in today’s world. It all started off with a Hackey workshop that Malaysian designer Jimmy Choo opened in east London in 1996 together with Tamara Mellon. The latter was back then the editor of Vogue accessories. Nowadays, the small workshop turned into a world renowned brand that celebrities are dying to wear on red carpets. Its strappy stilettoes are a trade signature that has been the favorite of stars such as Beyonce or the Duchess of Cambridge.
The Shoe Deal Will Not Remove Pierre Denis from His Position of Chief Executive
JAB Luxury is one of the company’s main shareholders that decided to put the firm to auction back in April. JAB is the property of the Reimann family. They intend to redirect their 67.6% stake on other consumer goods such as edible products.
Despite the takeover, chief executive Pierre Denis will continue to run the company as he did since 2012. On top of that, he is allowed to keep creative director Sandra Choi and finance director Jonathan Sinclair by his side. The only major change concerns the founders and their loss of any right over the company.
Image source: 1