Jimmy Choo purchase scheme gets court approval
today Oct 27, 2017
Michael Kors moved on Friday one step closer in its proposed acquisition of luxury footwear company Jimmy Choo, after a UK court approved the scheme of arrangement under which a Michael Kors subsidiary will acquire the entire ordinary share capital of Jimmy Choo.
The takeover was unconditionally cleared by the European Commission earlier this month, and the approval of the scheme of arrangement was the final step before Jimmy Choo’s shares de-list and the company becomes part of the Michael Kors empire.
The delivery of the court order to the Registrar of Companies for England and Wales, which makes the acquisition finally effective, is expected to occur on 1 November 2017.
Michael Kors announced in July it had reached an agreement to buy Jimmy Choo for almost £900 million, describing the high-end luxury and accessories company as an “iconic brand with a rich history” that is “poised for meaningful growth in the future”.
After the acquisition, Jimmy Choo will continue to operate with current CEO Pierre Denis and creative director Sandra Choi leading the business.
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