Handbag-maker Michael Kors finds its perfect pair in Jimmy Choo purchase worth $1.3B
American fashion brand Michael Kors is buying luxury shoemaker Jimmy Choo in a deal worth $1.35 billion US
Kors says that Jimmy Choo, which counts Jennifer Lopez, the Duchess of Cambridge and Beyonce among its fans, is "the ideal partner" and will have its online presence bolstered.
Jimmy Choo CEO Pierre Dennis will stay in his job, as will Creative Director Sandra Choi.
The deal gives Jimmy Choo shareholders a premium of 36.5 per cent on the firm's share price as of Friday.
John Idol, CEO of Michael Kors, says the handbag maker believes "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."