What with yet another warning from the Bank of England this week about rising consumer debt, and my own prediction that we’re heading for an economic trough within 18 months, this doesn’t feel like a good time to be paying top dollar for luxury brands.
When Jimmy Choo, the maker of super-expensive strappy stilettos, was put up for sale by its German majority shareholder in April at a valuation of £700 million, I revealed that I definitely wouldn’t be a bidder. But it’s being so cautious that makes me a humble columnist rather than a wheeler-dealer billionaire: US fashion brand Michael Kors is buying the shoe company for £896 million ‘after an auction that attracted a host of international bidders’. There must still be plenty of big-money optimists out there.
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