Jimmy Choo shareholders approve Michael Kors takeover

Jimmy Choo shareholders approve Michael Kors takeover
PHOTO: Reuters

Luxury shoemaker Jimmy Choo Plc on Monday said its shareholders voted in favour of a US$1.2 billion (S$1.6 billion) takeover by fashion group Michael Kors Holdings Ltd .

Almost all of the around 318 million votes cast at Jimmy Choo's general shareholder meeting were in favour of the deal.

Michael Kors agreed to buy Jimmy Choo in July. The British shoe company, famous for its stiletto styles, last month reported a near tripling in half-year profits.

The deal comes months after rival fashion company Coach struck a deal to buy quirky fashion brand Kate Spade & Co, a sign that so-called affordable luxury companies are having to look to new markets and customer bases to boost flagging sales.

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