Michael Kors

Michael Kors to acquire Jimmy Choo for $1.2 billion

Michael Kors to acquire Jimmy Choo for $1.2 billion

Seeking to restore lost luster by adding “Sex & the City” stilettos, Michael Kors Holdings Limited has agreed to acquire Jimmy Choo Plc. for $1.2 billion.

The acquisition of Jimmy Choo will give the New York-based fashion and accessories giant a presence in higher-end luxury market.

Luca Solca, an analyst with Exane BNP Paribas, said, “Again, Michael Kors follows the path of Coach -- and again, on steroids. After a meteoric rise and spectacular crash, it is now the time to recycle cash into other brands.”

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