Michael Kors snaps up Jimmy Choo for $1.2 billion

Luxury shoe brand Jimmy Choo has found a new owner.

Michael Kors said Tuesday that it will pay £896 million ($ 1.2 billion) in cash for Jimmy Choo.
“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,” John Idol, CEO of Michael Kors, said in a statement.

Jimmy Choo, which was founded in 1996 by former Vogue accessories editor Tamara Mellon and designer Jimmy Choo, put itself up for sale in April.

The brand is hugely popular among female fashionistas, and a pair of its stilettos can easily sell for over $ 1,000.

It has also branched out into menswear and other accessories.

Related: Jimmy Choo (the company) is now on sale

Jimmy Choo first gained international fame after appearing in films and TV shows including “Sex and the City” and “The Devil Wears Prada.”

Michael Kors is best known for its handbags.