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Michael Kors in $1.2-billion deal to buy Jimmy Choo

Jimmy Choo would continue to operate under its existing management team

Reuters  |  London 

US retailer Michael Kors has agreed to buy luxury shoemaker Jimmy Choo for $1.2 billion, snapping up a British brand launched in the East End of London and made famous by celebrity fans including Princess Diana. Founded in the 1990s by bespoke shoemaker Jimmy Choo, the brand is known for its stiletto heals 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 signaled 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 ...

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First Published: Wed, July 26 2017. 03:19 IST