Jimmy Choo, one of the most known and loved fashion houses on the face of this planet; known for their luxury heels, perfumes, bags, and many more. From the catwalks of Paris to the high rises of Dubai; Jimmy Choo is globally recognised for its fabulous styling. Founded in London by the Malaysian-Chinese duo, Jimmy himself and Tamara Mellon, the British luxury fashion house was created with the notion that women should not only experience classy fashion but they deserved extravagance, to walk into a room and their shoes, handbags, or accessories elevated the wearer.
Similarly, Michael Kors UAE, the international conglomerate, was founded with the same foundations as Jimmy Choo except in the USA. With both fashion houses striving for the same level of excellence and aiming to deliver ready-to-wear beautifully crafted fashion pieces, the companies were bound to meet, whether through collaboration or ownership. But the big question is not only why but also how, how did fashion houses from different sides of the pond form a union through ownership? Let's dive in..
We all saw it
We all vividly remember the eye-catching headlines announcing the noteworthy acquisition in 2017: "Michael Kors Holdings Limited, a globally renowned fashion company, successfully secured Jimmy Choo for an impressive sum of approximately $1.2 billion." This strategic move by Michael Kors was a pivotal component of their ambitious expansion strategy, aimed at broadening the company's presence in the fashion industry. On the other hand, Jimmy Choo's exceptional expertise in creating opulent footwear and accessories played a pivotal role in this partnership.
With these two brands sharing a remarkable synergy, and both having firmly established themselves as prestigious purveyors of high-quality fashion items, this acquisition was primarily geared towards attracting a more discerning and upscale clientele.
When did the talks begin?
The talks for the buyout began in July 2017 and resulted in a full buyout in November 2017. At the time, with the brand reaching the age of 21 years old, Michael Kors was deeply impressed with the speed at which Jimmy Choo accelerated its growth by utilizing their connections within the fashion industry, more specifically the capabilities of Tamara Mellon, who was an editor for British Vogue. The discussion only lasted a few months before the buyout, and the two fashion houses saw the acquisition to be mutually beneficial. In this arrangement, Jimmy Choo was allowed to continue its operations as usual, while Michael Kors would own the fashion house and streamline the supply chain to lower the cost of production.
How does Jimmy Choo look now?
Some may remember Jimmy Choo pre-2017; it was an extravagant brand that captured attention every single quarter and experienced year-on-year growth not only in sales but also in popularity. After the purchase, we watched the brand transition from catering to the upper-middle class to becoming a fashion house that sparks the imagination of high-class citizens looking to make a statement. Growth has not stopped, and the director of Jimmy Choo has set their sights on conquering fashion houses such as Prada and Louis Vuitton. Who knows, in 20 years, we might see a movie with Anne Hathaway titled "The Devil Wears Jimmy Choo."
What do we think of Jimmy Choo?
Jimmy Choo UAE can be compared to the Gucci Bags UAE range and the Burberry UAE collection. They are not only experiencing exponential growth in popularity but also attracting a wide range of customers who aspire to be seen with items from these fashion houses. We are fully supportive of this trend! The glitz and glamour of these collections captivate people of all ages, from children to the elderly. We absolutely love Jimmy Choo and are confident that it will continue to leave a lasting impression on the face of the GCC region, which we hold dear.
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