Michael Kors boasts of it being a luxury brand but as we all know, it is often seen carried by almost every second woman living in a cosmopolitan city. On the other hand, Jimmy Choo is a pure luxury affordable only to the affluent. Recent news confirms that Michael Kors has just acquired the age-old luxury brand Jimmy Choo for a whopping $1.2 billion. It has come as rather a shock to think that Michael Kors who have a price tag of $150 on their shoes have now taken over Jimmy Choo who sell their high heels for a good $850. This deal aims at creating a global fashion luxury group but if reports are to be believed, both the brands will continue to work independently.
Michael Kors and Coach have been in a neck and neck competition for the takeover. When Coach has agreed to buy the luxury company Kate Spade for $2.4 billion to accelerate its growth, how could Michael Kors stay behind? Coach is all set to close the deal in this quarter whereas, Michael Kors and Jimmy Choo will close theirs in the fourth quarter of this year.
It is however, interesting to see what the future has in store for this new found relationship between Kors & Choo. I personally am a little worried that Michael Kors, in order to increase the sales, might push Jimmy Choo to a scene that does not suit its status. If this happens, one thing’s for sure, the loyal customers of Jimmy Choo who spend a fortune to look glamorous will end up getting hurt. The differentiating factor for the brands, until now, is that unlike Michael Kors only a few can afford a pair of Choos, if this is to change then Jimmy Choo is sure lose its name as the luxury shoes, most famously worn by Sarah Jessica Parker in Sex and the City. Here’s hoping Jimmy Choo remains to be the first choice for celebrities at the red carpet, and for conscious consumers like us, here’s hoping the merging of the two enormous brands doesn’t mean their sustainability initiatives.
Tags: accessories, bags, designer brand, Ethical Fashion, Fashion ComPassion, fashion designer, fashion redefined, fashionista, jimmy choo, luxury, luxury fashion, michael kors, purchase with purpose, shoes, sustainability, Sustainable Fashion