American high-end fashion brand, Michael Kors has beaten other competitors to the purchase of Jimmy Choo by sealing the deal with the British shoe brand for $1.2billion – which equals to £896million.
Michael Kors, best known for its handbags and ready-to-wear collections, was established in 1981 and has clinched the London-based maker of strappy stilettos, handbags and perfume.
Jimmy Choo became very popular during the late 1990s as it was boosted by high-profiles, including Princess Diana, as well as the fictional Carrie Bradshaw, played by Sarah Jessica Parker, in television series Sex and the City.
According to Marie Claire, Chairman and Chief Executive Officer of Michael Kors, John D. Idol, said in a statement: “We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house.
“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.”