Michael Kors Buys Jimmy Choo For $1.2 Billion
As the rapper Ludacris sings in “My Chick Bad”, “Jimmy Choo fetish keep me fresh like lettuce.” Now fashion designer Michael Kors will be rich as romaine—the upscale fashion company bought the luxury shoe and accessory brand Jimmy Choo for a reported $1.2 billion today.
Jimmy Choo, which has become synonymous with extravagance thanks to rap lyrics and the famous feet of Hollywood, is apparently expected to rejuvenate flailing sales at Michael Kors.
With increasing competition from online shopping and mass retailers, Michael Kors sales have dropped, resulting in the projected closing of 100-125 stores and the loss of a third of the stock’s value. The acquisition of the ultra-luxe Jimmy Choo brand is expected to help Michael Kors Holdings put its best foot forward.
The words “Jimmy Choo”, a brand once favored by Princess Diana, are as commonplace in a rap song as an expletive, notably in the song “Jimmy Choo” by rapper Fetty Wap, where the brand’s name is repeated 11 times.
Perhaps this time next year Ludacris will have dropped a remix with lyrics changed to “My b***h, I buy her Michael Kors, damn.”
Jenny Singer is a writer for the Forward. You can reach her at Singer@forward.com or on Twitter @jeanvaljenny.
This story "Michael Kors Buys Jimmy Choo 1.2 Billion" was written by Jenny Singer.