Michael Kors, the US handbag maker, has made an offer to snap up luxury shoe brand Jimmy Choo in a £896m deal.
The proposed sale of Jimmy Choo, which rose to prominence after being regularly featured in US TV show Sex and The City, follows an auction process that was kicked off in April by majority owner JAB Holdings. Michael Kors made the move for Jimmy Choo after losing out in a takeover tussle with Coach to buy accessories firm Kate Spade earlier this year. It is the New York-based fashion company’s first takeover since listing in 2011.
Jimmy Choo was originally founded by the eponymous Malaysian-born and Hackney based shoemaker and former Vogue journalist Tamara Mellon in 1996. The company then passed through a number of private equity owners with Ms Mellon leaving the business in 2011 following an acrimonious dispute with Towerbrook Capital.
The row was later documented in her book, In My Shoes, in which she likened private equity firms to “vultures” who didn’t understand the world of fashion.
“We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury brand. We believe that Jimmy Choo is poised for meaningful growth in the future and we are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years”, he added.
Jimmy Choo’s chairman, Peter Harf, said that a combination with Michael Kors would allow Jimmy Choo to “embark on its next phase of growth.”
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