On Tuesday, Michael Kors Holdings of New York said it had agreed to buy shoe company Jimmy Choo of London for about $1.2 billion, the latest push by a U.S. high-end fashion house to find new sources of growth and what its chief executive characterized as the first step in building a bigger international luxury group.Mall traffic in North America has declined sharply, while shoppers who have traditionally been loyal to the middle market have gravitated toward brands at extremes of the style and price spectrum.“Acquiring Jimmy Choo is the beginning of a strategy that we have for building a luxury group that really is focused on international fashion brands,” John Idol, the chairman and chief executive officer of Michael Kors Holdings, said.Michael Kors, known for fashion-forward designs and competitive prices, is heavily reliant on outlets and department stores, where deep discounting is common.Open-toe slip-on sandals sell for $425, while crystal-encrusted shoes with the brand’s signature sky-high stiletto heels go for nearly $3,000.
NYS Entity Status
NYS Filing Date
JULY 30, 2014
NYS DOS ID#
NEW YORK, NEW YORK, 10006
NYS Entity Type
DOMESTIC BUSINESS CORPORATION
2014 - KOR TECHNOLOGY SOLUTIONS INC.
Around the Web
- Michael Kors buying Jimmy Choo in $1.2 billion deal
By Elizabeth Paton and Chad Bray - Tuesday Jul 25, 2017
- Michael Kors acquires Jimmy Choo for $1.2 billion
By Lisa Fickenscher - Tuesday Jul 25, 2017
Are the Jimmy Choos worth it? Michael Kors is going to find out. Michael Kors shelled out $1.2 billion to buy the Jimmy Choo shoe brand on Tuesday —a price tag that struck some analysts as staggeringly high, like a pair of $750 Jimmy Choo pumps. Kors Chief Executive John Idol called London-based Choo a...
- Jimmy Choo shareholders vote for Michael Kors takeover
By Reuters - Monday Sep 18, 2017
Luxury shoemaker Jimmy Choo on Monday said its shareholders voted in favor of a $1.2 billion takeover by fashion group Michael Kors. Almost all of the around 318 million votes cast at Jimmy Choo’s general shareholder meeting were in favor of the deal. Michael Kors agreed to buy Jimmy Choo in July. The British shoe...
- Michael Kors shares surge as handbag outlook brightens
By Reuters - Tuesday Aug 8, 2017
Michael Kors Holdings reported better-than-expected quarterly results on Tuesday and lifted its annual revenue forecast as it opened more stores and benefited from strong demand in China, sending its shares soaring 18 percent. The US fashion accessories maker also for the first time provided an estimate of revenue from its recently announced deal to buy...
- Luxury retailers Ralph Lauren, Michael Kors are on the mend
By Lisa Fickenscher - Tuesday Aug 8, 2017
Luxury retailers, beaten up in recent years, may have started to rebound, analysts said Tuesday. Both Ralph Lauren and Michael Kors, their stocks deep in the red this year, turned things around by posting second-quarter results that beat Wall Street expectations. Both designers reported sales declines — but they were smaller than the drop-offs recently...
- For 18 Hours, Cabbie Sat Dead in Front Seat
By KIM BARKER - Monday Aug 14, 2017
A driver parked his taxi to take a break in SoHo. He died behind the wheel. Then, for nearly a day, New Yorkers went about their lives — just feet from his body.