Hip-hop loves paying homage to the makers of the glamorous threads, rides, jewelry and trinkets they’re pampered with in their daily celebrity lives. Labels like Hermes, Versace, Chanel, Gucci, Giuseppe, Louboutin and Jimmy Choo scratch only the surface of their enviable shopping lists.
The latter, and often-rapped about luxury shoe (hey, Fetty Wap), will reportedly be scooped up by another rapped-about brand, Michael Kors. According to CNN, Kors announced today (July 25) that it will purchase Choo for the equivalent of $1.2 billion in cash. This comes exactly three monts after Choo put itself up for sale to maximize value for its shareholders.
All parties are optimistic about the move, particularly Michael Kors’ CEO, John Idol. “We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years,” Idol said in a statement.
Excuse us while we keep saving up for a pair or two.