Michael Kors just clinched the deal, buying Jimmy Choo for $1.2 billion. The purchase of the British fashion house is being touted as a shot in the arm for American fashion house Michael Kors, which had witnessed plummeting profits recently. This is a big step by the brand towards building a bigger international luxury group, according to the group’s Chairman and CEO John D. Idol. Idol reportedly said he was targeting more acquisitions, focusing on luxury companies that “lead in style and trend” but also “have got some size and scale” as well as “some heritage.”
