Michael Kors is buying Jimmy Choo!
According to Forbes, Michael Kors is one of many upscale brands to experience a decline in sales and profit during the last few years. Less-expensive, and fast-fashion brands like H&M and Zara have become the competition; but with this new $1.2 billion deal, Michael Kors could have a new avenue for growth! MK purses can be found for as low as $70 now-a-days, while a pair of Jimmy Choo shoes can cost you anywhere between $425 and $3k. You do the math.
MK says they plan to not only open new Jimmy Choo retail stores, but also develop the brand’s online presence. Three words: Secure the bag.
Source: Forbes, https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/laurengensler/2017/07/25/michael-kors-buys-jimmy-choo-for-1-2-billion/&refURL=https://www.google.com/&referrer=https://www.google.com/
TSR STAFF: Chantel P.! @_popchanny on IG!