2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15
Michael Kors has amazed the fashion world by announcing that his next acquisition will be the Jimmy Choo shoe brand, and he is committed to supporting the great brand value Jimmy Choo has created over the past 20 years,”said John Idol, the president and CEO of Michael Kors, in a press release as reported by WWD.
The news comes within a month of Michael Kors announcing that it was closing 125 stores in the next two years, leaving many wondering about buying the shoe brand.
As Fortune magazine reports, Kors has lost 65% of its value since it was at its highest point in early 2014 and this acquisition has investors concerned as the shares fell 4% after announcing it.
“We admire the glamorous style and the way Jimmy Choo's designs set trends. We look forward to welcoming Jimmy Choo to our group of luxury brands,”designer Michael Kors said of the acquisition.
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