Michael Kors Holdings Limited announced on Tuesday, July 24, 2017, that it had reached a definitive agreement to acquire Jimmy Choo PLC, the renowned luxury footwear brand, for approximately $1.2 billion. This strategic acquisition marked a significant milestone for Michael Kors, adding a globally recognized and highly coveted brand to its portfolio, significantly expanding its reach within the luxury goods market. The deal highlighted the ongoing consolidation within the luxury sector and underscored Michael Kors' ambition to become a major player in the high-end fashion world. This article will delve into the details of the acquisition, explore the implications for both brands, and examine the broader context of luxury brand ownership within the industry.
Who Owns Jimmy Choo?
Prior to the Michael Kors acquisition, Jimmy Choo PLC was a publicly traded company listed on the London Stock Exchange. While the brand itself had a rich history, its ownership structure was more complex than a single individual or family. Numerous institutional investors and individual shareholders held stakes in the company. This public ownership structure allowed for a more fluid market for shares, but also meant that strategic decision-making was subject to shareholder influence and market pressures. The acquisition by Michael Kors brought an end to this public trading phase, transferring ownership to a single entity.
Jimmy Choo Buyer: Michael Kors
Michael Kors, already a significant player in the luxury fashion market with its namesake brand, emerged as the successful buyer of Jimmy Choo. This acquisition wasn't a spontaneous decision; rather, it was a carefully considered strategic move aimed at bolstering Michael Kors' position within the luxury segment and diversifying its product offerings. The acquisition price of approximately $1.2 billion reflected the value of the Jimmy Choo brand, its strong global presence, and its potential for future growth. Michael Kors recognized the synergies between the two brands and saw the opportunity to leverage Jimmy Choo's expertise in footwear to enhance its own product line and expand its customer base.
Dispelling a Myth: Coach Buying Michael Kors
It's crucial to clarify a common misconception: Coach did *not* buy Michael Kors. While both are significant players in the luxury and accessible luxury markets, they are distinct and separate entities. The acquisition of Jimmy Choo by Michael Kors should not be confused with any potential merger or acquisition involving Coach. Both companies operate independently, though they compete in overlapping market segments. The confusion might stem from the fact that both brands have undergone significant growth and transformation in recent years, often involving strategic acquisitions and brand extensions of their own.
Who Owns Versace?
To provide further context within the broader luxury landscape, it's relevant to note that Versace, another significant Italian luxury house, is currently owned by Capri Holdings Limited. This company also owns Michael Kors and Jimmy Choo, creating a powerful conglomerate of luxury brands. The acquisition of Versace by Michael Kors (under the Capri Holdings banner) further demonstrates the consolidation trend within the luxury sector, showcasing the benefits of economies of scale and brand diversification.
Coach Owner: Tapestry, Inc.
Unlike Michael Kors, which is now part of Capri Holdings, Coach is owned by Tapestry, Inc. Tapestry is a publicly traded company that also owns Kate Spade and Stuart Weitzman, creating another significant player in the luxury accessories and footwear market. This highlights the complex ownership structures within the industry and the strategic acquisitions that have shaped the landscape.
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