American fashion brand Michael Kors is all set to buy luxury shoemaker Jimmy Choo for a deal worth 896 million pounds or about $1.2 billion. On Tuesday, Kors said it had agreed to buy the British shoe company.
As per the deal, Pierre Dennis, the CEO of Jimmy Choo and the creative director Sandra Choi will stay in the job. The deal also gives Jimmy Choo shareholders 2.3 pounds in cash for each share.
In a statement, Kors said that the British fashion house Jimmy Choo is an “ideal partner” for the further growth of the company.
“Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear,” John Idol, chairman and chief executive officer of Michael Kors told Financial Times. “We believe that Jimmy Choo is poised for meaningful growth in the future and we are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.”
Jimmy Choo, which rose from a humble origin to become one of the best-known fashion brands in Britain, was put on sale in April this year after struggling to regain its footing among the top fashion brands.
The company was founded in the year 1996 by former Vogue accessories editor Tamara Mellon and Malaysian designer Jimmy Choo. Mellon left the business in 2011.