Michael Kors: to buy British shoemaker Jimmy Choo.
(CercleFinance.com) - US fashion designer Michael Kors has agreed to buy Jimmy Choo for a price of 230 pence per share in a transaction valuing the British shoemaker at around 900 million pounds (about 1 billion euros).
Michael Kors believes it is the "ideal partner" to support Jimmy Choo's growth.
The group says it intends to apply its own infrastructure and capabilities to support the growth through retail store openings and a further online presence, as well as additional fashion products.
The New York-based company points out that Jimmy Choo will operate as it does today under its existing management team of CEO Pierre Denis.
The price represents a premium of approximately 36.5 per cent to Jimmy Choo's share price before the brand announced the commencement of the formal sale process in last April, when shareholders Jab Luxury and JC shareholders decided to put assets for sale.
It also represents an 18% premium compared to yesterday's closing price.
The acquisition is expected to close during the fourth quarter of 2017.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Michael Kors believes it is the "ideal partner" to support Jimmy Choo's growth.
The group says it intends to apply its own infrastructure and capabilities to support the growth through retail store openings and a further online presence, as well as additional fashion products.
The New York-based company points out that Jimmy Choo will operate as it does today under its existing management team of CEO Pierre Denis.
The price represents a premium of approximately 36.5 per cent to Jimmy Choo's share price before the brand announced the commencement of the formal sale process in last April, when shareholders Jab Luxury and JC shareholders decided to put assets for sale.
It also represents an 18% premium compared to yesterday's closing price.
The acquisition is expected to close during the fourth quarter of 2017.
Copyright (c) 2017 CercleFinance.com. All rights reserved.