High fashion house Jimmy Choo specialising in shoes, handbags, accessories, and fragrances has a new owner.
According to Forbes, Jimmy Choo has been acquired by luxury fashion company Michael Kors for a sum of $1.2 billion.
Michale Kors have been having trouble in the recent quarter as sales went down by 11% and are at this moment of time are looking to close down around 100 stores.
The new acquisition will give Michael Kors a chance to either further expand both brands by working together or merge them to make them into one. At this moment of time, it is unknown how the two companies will work together to raise both of their sales.
Jimmy Choo will continue to be run by CEO Pierre Denis, who has been in the position since 2012. The brand was founded by British Vogue editor Tamara Mellon and fashion designer Jimmy Choo back in 1996.