Michael Kors announces senior notes offering to purchase Jimmy Choo
The clothing brand announced on Thursday its plans to move ahead with its acquisition of Jimmy Choo. In September the shoe brand’s shareholders voted in favor of the takeover.
Michael Kors announced it intended to begin an offering of senior notes in order to acquire the luxury shoe brand. According to the brand, the notes will be senior unsecured notes and will be issued in order to assist in the American clothing company’s purchase of Jimmy Choo.
Michael Kors first announced plans to buy the British shoe company in July of this year. The acquisition of the senior notes marks another step forward for Michael Kors in its purchase of Jimmy Choo, which could boost its own sales and retail presence following the closure of some Michael Kors locations.
In September, all 318 million of Jimmy Choo’s shareholders’ votes were cast in favor of the Michael Kors takeover, which could cost the latter around $1.2 billion.
Both brands have diversified their products and marketing in recent months. Jimmy Choo recently debuted its first collection with Virgil Abloh’s Off-White line, while Michael Kors has turned more attention towards the Asian market as it tapped Yang Mi to star in its latest campaign.
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