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Michael Kors is buying Jimmy Choo for $1.2 Billion

Michael Kors is all set to purchase the luxury shoemaker for approximately $1.2 billion. Michael Kors is in the process of closing 100 to 125 of its standalone stores, renovating other 100-plus stores.

The acquisition will give Michael Kors a new avenue for international growth and a foothold in the luxury shoe market. While talking to the media, Michael Kors, chairman and chief creative officer said in an statement: “We admire the glamorous style and trend-setting nature of Jimmy Choo designs,” said Michael Kors, honorary chairman and chief creative officer, in a statement.

Jimmy Choo has more than 150 stores around the world. Shares of Michael Kors edged up 1% in pre-market trading, while shares of Jimmy Choo surged 17% in London.

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