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Kors, an affordable brand known for its popular designs, has small leather purses and wallets that sell for as little as $70 while Choo’s shoes cost anywhere between $425 and $3,000. Both fashion houses are popular on the red carpet,
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but the acquisition of Choo and its higher prices could be beneficial to the struggling Kors brand.Fashion brand Michael Kors will buy high end shoemaker Jimmy Choo for $1.2 billion, the company announced Tuesday. (Arnd Wiegmann/REUTERS)”This deal presents an opportunity to enter the high end of the luxury market, to increase sales and to diversify away from its own brand, especially at a time when it is experiencing declining sales,
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” Cavendish Corporate Finance head Jonathan Buxton told the New York Times.Melania Trump wears Michael Kors to President’s Congress addressSince going public in 2011, Michael Kors’s sales and popularity with the general public have declined. It downgraded its sales forecasts this past May for the rest of the year and said it would close about 125 stores. The company’s share price lost 20% of its value this year, dropping to $34.91.Since going public in 2011, Michael Kors’s sales and popularity with the general public have declined. It downgraded its sales forecasts this past May for the rest of the year and said it would close about 125 stores. (Spencer Platt/Getty Images)Kors’s pending acquisition of Choo follows a recent trend of affordable luxury brands acquiring more upmarket companies,
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like Coach’s recent purchase of Kate Spade for $2.4 billion.Jimmy Choo was created in 1996 by British Vogue accessories editor Tamara Mellon along with Malaysian shoe cobbler, Jimmy Choo. The brand skyrocketed to fame after HBO’s “Sex and the City” made it one of protagonist Carrie Bradshaw’s most coveted closet items. More recently, Michelle Obama was an admitted fan.Choo’s shoes cost anywhere between $425 and $3,000. (Paula Bronstein/Getty Images)The shoe company already has more than 150 stores around the world but Michael Kors said it’s planning on opening new stores and expanding on its online presence in an attempt to compete with major online powerhouses like Amazon.Fashion businesses rip plan to tear Garment District from Midtown”We believe that Jimmy Choo is poised for meaningful growth in the future,
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Michael Kors chairman John Idol said in a release. “We are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.”