Michael Kors has successfully reached an agreement that will see it acquire luxury footwear maker Jimmy Choo. The board of directors at both the retailers have approved the deal, which will see Jimmy Choo shareholders receive 230p per share, leading to a total value of $1.35 billion (£1.04 billion) Jimmy Choo, which trades from an estate of 560 stores worldwide, put itself up for sales in April with its largest shareholder JAB Luxury supporting the move. In early May it was reported that Coach also expressed interest in the brand, tabling a £1 billion offer, after hiring its former boss Joshua Schulman to as its new chief executive.
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Michael Kors buys Jimmy Choo