Fashion designer Michael Kors stops by to say hi to Peyton, also known as "Miss P", on February 18, 2015 during a lunch photo-op at Sardi's in New York, the day after she won "Best in Show" of the 139th Annual Westminster Kennel Club Dog Show at Madison Square Garden. Michael Kors, once the hottest name in affordable luxury, has agreed to buy luxury shoemaker Jimmy Choo for US$1.2 billion. (Timothy A. Clary / AFP)
LONDON - US retailer Michael Kors has agreed to buy luxury shoemaker Jimmy Choo for US$1.2 billion, snapping up a British brand launched in the east end of London and made famous by celebrity fans including Princess Diana.
Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories
Michael Kors, honorary chairman & chief creative officer, Michael Kors
Founded in the 1990s by bespoke shoemaker Jimmy Choo, the brand is known for its stiletto heels 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 signalled 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.
Michael 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, it has expanded into dresses and menswear, and invested in its online business. It said Jimmy Choo would continue to operate as it does today, under its existing management team.
"Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories," said Michael Kors, honorary chairman and chief creative officer.
"We admire the glamorous style and trend-setting nature of Jimmy Choo designs."
Jimmy Choo floated on the London Stock Exchange at 140 pence in 2014. It closed on Monday at 195 pence.
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