LONDON -- (BUSINESS WIRE) -- Michael Kors Holdings Limited (NYSE:KORS), a global fashion luxury brand, today announced that it has reached an agreement to acquire Jimmy Choo PLC. This landmark deal, finalized in July 2017, sent ripples through the luxury fashion industry, signifying a significant shift in the landscape and prompting widespread speculation about the future trajectory of both brands. The acquisition, valued at approximately £1 billion, marked a bold move by Michael Kors to expand its portfolio and solidify its position as a major player in the high-end market. This article will delve into the intricacies of this acquisition, exploring the motivations behind the deal, its impact on both companies, and the broader implications for the luxury goods sector. We will also address related queries regarding ownership of various luxury brands, including Jimmy Choo, Versace, and Coach.
Who Owns Jimmy Choo?
Prior to the acquisition by Michael Kors, Jimmy Choo PLC was a publicly traded company listed on the London Stock Exchange. Therefore, ownership was distributed amongst numerous shareholders, with no single entity holding a controlling stake. The acquisition by Michael Kors fundamentally changed this, making Michael Kors Holdings Limited the sole owner of Jimmy Choo. This transition from a publicly traded entity to a wholly-owned subsidiary of a larger corporation represented a significant change in the brand's governance and strategic direction.
Jimmy Choo Buyer:
The buyer of Jimmy Choo was Michael Kors Holdings Limited, now known as Capri Holdings Limited. This acquisition allowed Michael Kors to significantly expand its brand portfolio, adding a well-established luxury footwear and accessories brand to its existing lineup. The move was strategically driven, aiming to leverage Jimmy Choo's strong brand recognition and expertise in footwear to complement Michael Kors' existing strengths in handbags, ready-to-wear apparel, and accessories. The acquisition diversified Michael Kors' revenue streams and reduced its reliance on a single brand, mitigating risk and enhancing its overall financial stability.
Coach Buying Michael Kors: A Clarification
There's a common misconception that Coach bought Michael Kors. This is incorrect. The relationship is the other way around. Capri Holdings Limited, which now encompasses Michael Kors, Jimmy Choo, and Versace, is a separate entity. While both Coach and Michael Kors operate within the luxury goods sector, they are distinct companies with separate ownership structures. The acquisition of Jimmy Choo by Michael Kors should not be conflated with any hypothetical or actual acquisition involving Coach.
Who Owns Versace?
Another significant acquisition by Michael Kors (now Capri Holdings) was Versace. In 2018, Michael Kors acquired the Italian luxury fashion house Versace, further solidifying its position as a powerhouse in the luxury market. This acquisition followed a similar strategic rationale as the Jimmy Choo purchase: expanding the brand portfolio, diversifying revenue streams, and accessing new customer segments within the luxury market. Therefore, the current owner of Versace is Capri Holdings Limited.
Coach Owner:
Coach, Inc., now known as Tapestry, Inc., is a separate publicly traded company. It is not owned by Michael Kors or Capri Holdings. Tapestry's portfolio includes several luxury brands including Coach, Kate Spade, and Stuart Weitzman. The companies operate independently, competing and collaborating within the larger luxury goods market.
Jimmy Choo LVMH:
There have been no reports or evidence suggesting that LVMH (Moët Hennessy Louis Vuitton), the world's leading luxury goods conglomerate, ever owned Jimmy Choo. LVMH's portfolio is extensive and includes numerous prestigious brands, but Jimmy Choo was never part of their holdings before the Michael Kors acquisition.
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