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Jimmy Choo shareholders approve Michael Kors takeover
September 18, 2017 / 4:11 PM / a month ago

Jimmy Choo shareholders approve Michael Kors takeover

Products are displayed in the window of the Jimmy Choo store in New York City, U.S., April 24, 2017. REUTERS/Brendan McDermid

(Reuters) - Luxury shoemaker Jimmy Choo Plc (CHOO.L) on Monday said its shareholders voted in favour of a $1.2 billion takeover by fashion group Michael Kors Holdings Ltd (KORS.N).

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 (COH.N) struck a deal to buy quirky fashion brand Kate Spade & Co KATE.N, a sign that so-called affordable luxury companies are having to look to new markets and customer bases to boost flagging sales.

Reporting by Sanjeeban Sarkar in Bengaluru. Editing by Jane Merriman

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