Michael Kors Sets to Buy Over Upmarket Shoemaker Jimmy Choo For Almost $.9 Billion

Upmarket footwear brand Jimmy Choo might soon be bought over by it American counterpart Michael Kors following an agreement reached to purchase substantial percent of the company's stake for £895 million.
The shoemaker would have it counterpart own about 36.5% in share price of it company, buying at the share price of 230p which put Kors in management advantage in event to support the company in growing it ailing brand.
According to Financial Times, Jimmy Choo has not been doing really well in his profit making as it profit after tax fell from £19.4 million to £15.4 million last year .
More so, the company's growth for the year fell by 0.8% which reports blamed on like-for-like sale poor performance blaming that on luxury appetite slowdown.
Speaking about the consolidation, the chief executive of Michael Koru John Idol, hope to keep the structure of the parent company, with their support would aid the brand chances to grow in the industry.
 "Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear. We believe that Jimmy Choo is poised for meaningful growth in the future and we are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years,” he said.