A U.S. retailer, Michael Kors, has agreed to have a luxury shoemaker, Jimmy Choo, for $1.2 billion, snapping up a British brand launched in east end of London and made famous by celebrity fans including Princess Diana.
Founded in the 1990s by bespoke shoemaker, Jimmy Choo, the brand is known for its stiletto heals and accessories and sells in cities from London to Paris, New York and Tokyo.
It put itself up for sale in April after its majority owner JAB signaled its intention to focus on consumer goods.
At 230 pence in cash per share, the group is receiving a premium of 36.5 percent to its share price before the sale process was announced.
However, Kors, once the hottest name in affordable luxury with a hugely popular handbag range, has been struggling in recent quarters with declining same-store sales as fewer people visit its shops.
In response, Choo said that it has expanded into dresses and menswear, and invested in its online business and that would continue to operate as it does on daily baisi, under its existing management team.
The Honorary Chairman and Chief Creative Officer, Kors stated that the British shoemaker was an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories.
According to, the company admires glamorous style and trend-setting nature of Jimmy Choo designs. and products are displayed in the window of the Jimmy Choo store in New York City, U.S., in April.
Jimmy Choo floated on the London Stock Exchange at 140 pence in 2014. It closed on Monday at 195 pence.