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Luxury fashion brand Michael Kors to buy shoemaker Jimmy Choo for $1.2 bn

Buyers abroad take advantage of a drop in value of sterling since Britain voted to leave EU in 2016

Reuters  |  London 

US retailer Michael Kors has agreed to buy luxury shoemaker Jimmy Choo for $1.2 billion, snapping up a British company whose towering stilettos have been made famous by celebrity customers from Princess Diana to Kendall Jenner. The move comes two months after rival handbag maker Coach struck a deal to buy quirky fashion brand Kate Spade & Co, as so-called affordable luxury companies look to go into new markets to try to boost flagging sales. "Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories," said Michael ...

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First Published: Wed, July 26 2017. 08:31 IST