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Michael Kors Holdings Ltd announced Tuesday it will acquire London-based Jimmy Choo brand in a deal worth $1.4 billion. Bloomberg described the deal as “the maker of handbags popular with the commuter set seeks to restore lost luster by adding “Sex and the City” stilettos.” Micheal Kors has been attributed to basic AF status for quite some time so snagging a luxury brand like Jimmy Choo could put them back on the luxury map. Kors does produce higher priced luxury goods as well but it has struggled to maintain its brand image after broadly distributing its products in discount stores and outlet malls like Ralph Lauren and Calvin Klein. When any and everyone’s carry MK emblazoned purses, wallets and wearing MK sneakers, its no longer considered a luxury item.
London-based Choo put itself up for sale in April after barely three years as a public company. The acquisition is aimed at diversifying the company’s product offerings, particularly in terms of men’s footwear. This is a big time for fashion/lifestyle brand Merger and Acquisitions (M&A).
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