Michael Kors have announced that the brand's current CEO Pierre Denis and creative director Sandra Choi will remain in their positions and the label will continue to function "as it does today." Kors have stipualated that the buy-out was not implemented to impart major changes at the iconic shoe label, but instead, to add new portfolio avenues to the growing Michael Kors brand.
The company told WWD that it plans to incorporate the "experiences, infrastructure and capabilities that it has developed over the course of its own worldwide growth as a luxury fashion brand to support the growth of Jimmy Choo through retail store openings and further development of its online presence."
Original Story: 25/07
Business of Fashion reports that the American clothing and accessories giant secured the purchase of the famous London-based luxury shoe brand today. There's no further information as to what the sale will mean change-wise for Choo, but BoF did report that "Michael Kors would keep Jimmy Choo's existing management team." It is unclear at this time if that includes creative director Sandra Choi.
Given the popularity of Michael Kors accessories and the global success of Jimmy Choo since the 1990s, this seems to be a powerhouse pairing. Choo celebrated its 20th anniversary just last year, and Kors hit 36 years of business this year with neither showing any signs of slowing down. This is the second noteworthy consolidation this year, following the news from earlier in the year that Coach had acquired Kate Spade.