Michael Kors has just bought Jimmy Choo for a hefty price of $1.2 billion. Luxe shoemaker, Jimmy Choo, was first founded in East London in the '90s and soon rose to the highest ranks of the fashion industry, creating shoes and accessories worn by celebrities such as Sarah Jessica Parker and Princess Diana.
This particular sale has occurred due to Michael Kors' financial struggles with declining sales in the recent years. In an effort to increase business, the fashion retailer has expanded into menswear and dresses. Jimmy Choo, however, will not be absorbed into Michael Kors' collection and instead will continue to operate as its own brand under new management. We're so excited to see how Jimmy Choo designs advance under this new absorption!