Michael Kors set to snap up Jimmy Choo in £896m deal
Luxury shoe firm Jimmy Choo is to be acquired by US fashion brand Michael Kors in an £896m deal. London-listed Jimmy Choo put itself up for sale as part of a strategic review in April, and yesterday Michael Kors said it was "the ideal partner" for the firm.
The group said in a statement it would support the growth of Jimmy Choo through "retail store openings and further development of its online presence", adding that the shoe firm will operate under its existing management team, including chief executive Pierre Denis.
Under the terms of the deal, Jimmy Choo shareholders will receive 230p in cash for each share, a premium of 36.5% on the firm's share price of 168.5p on April 21.
John Idol, chairman and chief executive of Michael Kors, said: "We believe that Jimmy Choo is poised for meaningful growth in the future, and we are committed to supporting the strong brand it has built over the last 20 years."
Michael Kors operates a store in Belfast's Victoria Square Shopping Centre.