Michael Kors has picked out some new shoes to go with its handbags.
On Tuesday, Michael Kors Holdings said it had agreed to buy the shoe company Jimmy Choo for 896 million pounds, or about $1.2 billion, the latest push by an American 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.
Many upscale brands like Michael Kors have faced plummeting sales and tepid profits. Mall traffic in North America has declined sharply, while shoppers who have traditionally been loyal to the so-called middle market have gravitated toward brands at extremes of the style and price spectrum.
The trends have played well for e-commerce giants like Amazon, fast-fashion brands like H&M and Zara, and luxury houses like Gucci. But it has left companies like Michael Kors — once the runaway leader of the “accessible luxury market” — exposed. Read more at New York Times.
Discover this season's collection of iconic women’s shoes from perfect pumps to statement sandals, luxury boots to off duty flats, Jimmy Choo’s designer shoe collection takes luxury to new heights and is sure to add wow factor to every occasion.
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