US fashion brand Michael Kors confirmed Tuesday it had agreed to acquire British shoemaker Jimmy Choo for some 900 million pounds ($1.2 billion, 1 billion euros), according to Deutsche Welle.
It said in a statement the UK firm, whose celebrity fans included Beyoncé, Lady Gaga, Nicole Kidman and Kate Middleton, was the “ideal partner” for the US handbag and clothing maker.
“Michael Kors intends to apply the experiences, infrastructure and capabilities that it has developed as a company over the course of its own worldwide growth as a luxury fashion brand to support the growth of Jimmy Choo,” the statement added.
Jimmy Choo said, “a combination with Michael Kors would allow it to embark on the next phase of growth and provide opportunities for the benefit of customers, employees, shareholders and other stakeholders.”
The group was founded 20 years ago by Malaysia-born Jimmy Choo and British socialite Tamara Mellon.
It became a household name after its shoes repeatedly featured on high-profile TV shows.