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Jimmy Choo Shareholders Approve Michael Kors Takeover

Michael Kors agreed to acquire Jimmy Choo in a $1.2 billion deal in July.

Jimmy Choo Autumn/Winter 2017 campaign | Source: Courtesy

By

Reuters

18 September 2017

LONDON, United Kingdom — Luxury shoemaker Jimmy Choo Plc on Monday said its shareholders voted in favour of a $1.2 billion takeover by fashion group Michael Kors Holdings Ltd .

Almost all of the around 318 million votes cast at Jimmy Choo's general shareholder meeting were in favour of the deal.

Michael Kors agreed to buy Jimmy Choo in July. The British shoe company, famous for its stiletto styles, last month reported a near tripling in half-year profits.

The deal comes months after rival fashion company Coach struck a deal to buy quirky fashion brand Kate Spade & Co , a sign that so-called affordable luxury companies are having to look to new markets and customer bases to boost flagging sales.

By Sanjeeban Sarkar; editor: Jane Merriman.

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