On Tuesday, it was announced that Michael Kors will be acquiring British footwear and accessory giant Jimmy Choo, according to a report in Women’s Wear Daily. Rumors of a Choo acquisition had been swirling for weeks and Kors had been tipped early as a possible buyer, and the two companies have made things official, in spite of relatively weak recent financial performance from Kors that had fueled speculation the company could back out of the bidding.
In his announcement to WWD, Kors chairman and chief executive division John D. Idol praised Jimmy Choo’s power in Europe and Asia as a powerful selling point for its new, and he intimated that Kors’ existing infrastructure as a worldwide manufacturer could be useful in driving more vulnerability for Jimmy Choo products both in the united states and abroad.
As for whether the acquisition means expanded visibility for Choo’s handbags: do not count on it. Idol complained that the international handbag market is not expanding at the moment whilst footwear is, or so the company intends to leverage that present success so as to expand Choo’s presence in the shoe market, but bags appear to be taking a back burner. If there’s 1 thing Michael Kors is great at, though, it is getting merchandise into a great deal of retailers and at the front of a great deal of shoppers, therefore expect this to come for Jimmy Choo.