Industry insiders are sitting up and taking notice of Michael Kors, more now than ever before. Michael Kors has now become the primary shareholder of world-renowned British brand Jimmy Choo after agreeing to purchase the luxury brand for $1.2 billion.
Born in 1959, fashion designer Michael Kors is best known for designing classic American sportswear for women. In 2013, he was selected for ‘The Time 100’, the magazine’s impressive list of the 100 most influential people in the world. Fans love his designs and him as a personality especially after appearing for 10 seasons as a judge on the fashion-based reality television show “Project Runway”. But, is there enough love for Kors to make this new path successful? Forbes just recently reported Michael Kors’ sales have declined 11% after the last quarter and is in the process of closing 100-125 stand alone stores.
Time will only tell. Hopefully, this new avenue will help grow the brand more internationally. The Jimmy Choo brand is a successful one and will add some glam to the Michael Kors name bringing a different line up of customers with brand loyalty to Kors’ side of the court. Jimmy Choo offers 150 stores worldwide not to mention department stores and an online presence.
Founded in 1996 by Malaysian fashion designer Jimmy Choo and British fashion journalist Tamara Mellon, the Jimmy Choo brand has grown to be one of the world’s most famous brands when it comes to luxury shoes, designer handbags, and accessories.
We hope this purchase of Jimmy Choo will bring great success to the Kors brand. What are your thoughts on the merge? Good fit or Big gamble?
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Shannon is one of Detroit’s top social media influencers, a fashion leader and a beauty buff who exudes professionalism and knowledge on all three subjects. She is the CEO of The Lazov Agency and the owner of glamorousmoms.com & detroitfashionnews.com. She loves to promote products and brands she adores and is a trusted voice. Shannon has been awarded the Elite 40 under 40 award and has been featured on Fox 2 Detroit, WDIV Channel 4, Styleline Magazine and Metro Parent Magazine. When you meet her, ask her about her handbag and shoe collection!
(Headshot Photo – Dan Lippitt)