This week Gucci aliens arrived on Earth, Michael Kors bought Jimmy Choo, and Rag & Bone strove to save the world’s vanishing tigers. Discover these stories and more as we reveal this week’s top international fashion news.
Michael Kors Buys Jimmy ChooWhat can you buy with 1.5 billion dollars? For one, you could buy one million, 580 thousand and 611 pairs of Jimmy Choo heels. Or, if the shoe fits, you could just buy the whole company. This week, U.S luxury brand, Michael Kors opted for the latter, paying a not so small fortune to acquire ownership of Jimmy Choo.
In 1996, the now famous brand, Jimmy Choo, launched in London. Since then, it has opened over 150 stores worldwide and established itself as one of the world’s leading designers of shoes and accessories. However, in April of this year, its majority owner, JAB, decided to focus on consumer goods and placed the iconic brand on the market. Although Michael Kors won the bidding war, loyal followers of Jimmy Choo need not fear a drastic change in the products produced. Michael Kors praised the brand, stating that it is “an iconic premier luxury brand that offers distinctive footwear, handbags, and other accessories. We admire the glamorous style and trendsetting nature of Jimmy Choo designs.” As a result, the brand will continue to operate as usual, with the existing management team staying on.