Micheal Kors is purchasing high-end footwear label Jimmy Choo for an astounding $1.2 billion USD. The move for Michael Kors is to help lift sagging sales. According to the New York Times, Michael Kors experienced an 11% dip in sales last quarter. MK has taken a beating from fast fashion retailers such as H&M. They tried chasing the lower prices, but it was a disaster as shoppers ignored higher priced items for the discounted merchandise.
As it pertains to the sale, Kors himself shared in a statement: “We admire the glamorous style and trendsetting nature of Jimmy Choo designs.”