During a Monday meeting, 81.6 percent of Jimmy Choo shareholders controlling about 318.1 million shares voted to approve the company’s $1.2 billion sale to Michael Kors. The firm has 378.6 million shares outstanding and, according to a regulatory filing, over 98 percent of Jimmy Choo shareholders participated in the vote.
The luxury shoe and accessories company still needs to get U.K. court approval of the deal, which is expected to close in the fourth quarter of this year.
Jimmy Choo’s most recent half-year financial results showed consolidated net income up 22.4 percent to 17.5 million pounds ($23.6 million), with increased business in Asia making up for declines in wholesale sales in the Americas.
Sales at Michael Kors have been on a similar trajectory, with growth coming from Asia as well as the opening of dozens of new stores. It also plans to close up to 125 doors this year.
After the takeover is compete, Kors is looking to grow the Jimmy Choo business to $1 billion by expanding its footwear offering and online presence.
At the time the acquisition was announced, Kors said Jimmy Choo’s operations would remain essentially unchanged and that ceo Pierre Denis, along with creative director Sandra Choi, would stay on.
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