Michael Kors acquires luxury shoe brand Jimmy Choo in £896m


Jimmy Choo, the maker of luxury shoes which is hugely popular among fans especially for stiletto shoes and accessories has been acquired by Michael Kors, Sky News reported.

The report said many buyers were in race to buy the company however Michael Kors won in the end.

As per the deal, Sky News said, share holders of Jimmy Choo will get 230p in cash for each share which is almost 36.5% higher from firm's share price of 168.5p on 21 April.

Jimmy Choo was owned by JAB holdings and counts Jennifer Lopez, the Duchess of Cambridge and Beyonce among its fans.

As per the report the management team will continue to give it services and Pierre Denis will remain the chief executive of the newly formed entity.

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