 "Why Michael Kors picked up Jimmy Choo")
Michael Kors has picked out some new shoes to go with its handbags. On Tuesday, Michael Kors Holdings said it had agreed to buy the shoe company Jimmy Choo for £896 million, or about $1.2 billion, the latest push by an American high-end fashion house to find new sources of growth and what its chief executive characterised as the first step in building a bigger international luxury group.
Many upscale brands like Michael Kors have faced plummeting sales and tepid profits. Mall traffic in North America has declined sharply, while shoppers who have traditionally been loyal to the so-called middle market
