Michael Kors says that it’s acquiring Jimmy Choo in a 1.4 billion dollar deal, which is only slightly more expensive than their shoes.
Jimmy Choo put itself up for sale a few months ago after slumping sales, which isn’t a huge shock as the luxury goods industry as a whole is starting to slump.
The new deal is supposed to give Michael Kors more opportunity in selling footwear and other accessories, and plans to double Jimmy Choo’s sales in the next year.
Maybe we’ll see some cheaper Michael Kors and Jimmy Choo’s shoes and bags? We hope!