The answer is a resounding yes. On Tuesday, July 24, 2017, Michael Kors Holdings Limited (now Capri Holdings Limited) announced its acquisition of Jimmy Choo PLC, the luxury footwear brand known for its glamorous and high-heeled designs, for approximately $1.2 billion. This acquisition marked a significant step in Michael Kors' strategy to expand its portfolio of luxury brands and consolidate its position in the high-end fashion market. The deal solidified Michael Kors’ ambition to become a major player in the global luxury landscape, moving beyond its namesake brand to encompass a broader range of luxury offerings.
This article will delve into the details of the acquisition, exploring the reasons behind the deal, its implications for both brands, and the broader context of luxury brand ownership and consolidation within the industry. We will also address some related questions, such as who currently owns Jimmy Choo (post-acquisition), who owns Versace, and the relationship between Coach and Michael Kors.
Who Owns Jimmy Choo?
Prior to the Michael Kors acquisition, Jimmy Choo PLC was a publicly traded company listed on the London Stock Exchange. However, following the completion of the acquisition in late 2017, Michael Kors Holdings Limited became the sole owner of Jimmy Choo. This meant that Jimmy Choo ceased to be an independent publicly traded entity. The brand is now a subsidiary under the umbrella of Capri Holdings Limited, the parent company that also owns Versace and the Michael Kors brand. Therefore, the current owner of Jimmy Choo is Capri Holdings Limited.
Jimmy Choo Buyer: Michael Kors (Now Capri Holdings Limited)
The buyer of Jimmy Choo was Michael Kors Holdings Limited, which subsequently rebranded itself as Capri Holdings Limited. The acquisition was a strategic move designed to diversify Michael Kors' portfolio and expand its reach into the high-end luxury market. Jimmy Choo's strong brand recognition and established customer base provided a valuable asset for Michael Kors, allowing for synergies and potential growth opportunities. The acquisition price of approximately $1.2 billion reflected the value that Michael Kors saw in Jimmy Choo's brand equity and future potential. The deal was structured as a cash acquisition, demonstrating Michael Kors' financial strength and commitment to the deal.
Coach Buying Michael Kors: A Clarification
It's important to clarify a common misconception: Coach did *not* buy Michael Kors. While both Coach (now Tapestry, Inc.) and Michael Kors (now Capri Holdings Limited) are major players in the luxury accessories market, they are separate and distinct entities. There has never been an acquisition of one by the other. Both companies have pursued their own strategies for growth and expansion, often through acquisitions of other brands. However, their paths have been independent.
Who Owns Versace?
Interestingly, Versace is also part of the Capri Holdings Limited portfolio. Michael Kors acquired Versace in 2018, further expanding its luxury brand portfolio. This acquisition, similar to the Jimmy Choo acquisition, aimed to leverage the brand recognition and customer base of Versace to drive growth and diversification within the company. Therefore, the current owner of Versace is Capri Holdings Limited, the same company that owns Jimmy Choo and the Michael Kors brand.
Coach Owner: Tapestry, Inc.
Coach, a long-standing player in the luxury accessories market, is now a subsidiary of Tapestry, Inc. Tapestry, Inc. is a publicly traded company that owns several luxury brands, including Coach, Kate Spade, and Stuart Weitzman. Therefore, the current owner of Coach is Tapestry, Inc.
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