FOR IMMEDIATE RELEASE
Michael Kors Holdings Limited (NYSE:KORS) Completes Acquisition of Jimmy Choo PLC
NEW YORK & LONDON, July 24, 2017 – Michael Kors Holdings Limited (NYSE:KORS) (the “Company”) today announced that it has completed the acquisition of Jimmy Choo PLC (“Jimmy Choo”), a global luxury footwear and accessories brand, for £13.50 per share in cash, representing a total enterprise value of approximately £1.2 billion. This strategic acquisition marks a significant milestone in Michael Kors’ growth strategy, creating a global fashion luxury group through the combination of two iconic brands with complementary strengths and significant international reach.
This press release addresses the acquisition of Jimmy Choo by Michael Kors, clarifying ownership and addressing related questions about other luxury brands. The acquisition significantly reshapes the luxury fashion landscape, creating a powerful entity capable of competing with established luxury conglomerates. Let's delve deeper into the details and address some frequently asked questions.
Who Owns Jimmy Choo?
Prior to the acquisition, Jimmy Choo was a publicly traded company listed on the London Stock Exchange. However, following the completion of the transaction announced on July 24th, 2017, Michael Kors Holdings Limited became the sole owner of Jimmy Choo. This acquisition brought Jimmy Choo under the umbrella of a larger, publicly traded company, shifting its ownership structure from public to private, at least in the sense that it is now a wholly-owned subsidiary of Michael Kors.
Jimmy Choo Buyer:
The buyer of Jimmy Choo was Michael Kors Holdings Limited, now known as Capri Holdings Limited following further acquisitions and rebranding. This acquisition demonstrated Michael Kors' ambition to expand its portfolio beyond its namesake brand and establish itself as a major player in the global luxury market. The acquisition price of £13.50 per share reflected the market's recognition of Jimmy Choo's strong brand recognition and growth potential.
Coach Buying Michael Kors: A Clarification
There is no information suggesting that Coach (now Tapestry, Inc.) acquired Michael Kors. The relationship between the two companies is one of competition within the luxury goods market. Both companies are major players, each with their own distinct brand portfolios and strategies. While they occupy similar market segments, there's no record of a merger or acquisition between them.
Who Owns Versace?
Versace is currently owned by Capri Holdings Limited, the same company that owns Michael Kors and Jimmy Choo. Following the acquisition of Jimmy Choo, Michael Kors Holdings Limited subsequently changed its name to Capri Holdings Limited to better reflect its diversified luxury portfolio. The acquisition of Versace further solidified Capri Holdings' position as a significant force in the luxury fashion industry. This strategic move allowed for synergies between the brands and a broader reach within the high-end market.
Coach Owner:
Coach, now operating under the name Tapestry, Inc., is a publicly traded company. Therefore, it doesn't have a single owner in the traditional sense. Its ownership is distributed among numerous shareholders who hold shares of Tapestry, Inc. stock.
Jimmy Choo LVMH:
Jimmy Choo was never owned by LVMH (Moët Hennessy Louis Vuitton), one of the world’s largest luxury goods conglomerates. This is a crucial distinction. While LVMH owns many prestigious brands, Jimmy Choo's path led it to become a part of Michael Kors' (now Capri Holdings') portfolio instead. This highlights the competitive landscape within the luxury market and the various strategic decisions made by companies vying for market share and growth.
current url：https://qiimol.h359a.com/news/michael-kors-acquires-jimmy-choo-press-release-93836