Stiletto marque Jimmy Choo sold to Kors for $1.2 billion

Jimmy Choo fall 2017 ad campaign

Then it will start shopping around again, Idol said.

The transaction, which will result in Jimmy Choo becoming a wholly-owned subsidiary of Michael Kors, has been approved by the board of directors of both companies.

It also helps decrease Michael Kors's reliance on handbags. But Michael Kors the brand has been struggling lately, closing stores and pulling away from discounts in department stores to try to become less ubiquitous.

"These two fashion houses are trying to achieve what Kering and LVMH have done in an American way", said Milton Pedraza, a New York-based luxury consultant.

That month, Legal Week reported that Freshfields Bruckhaus Deringer was advising long-standing client Jimmy Choo on a prospective sale, fielding a team led by City M&A partner Chris Mort.

"You don't overexpose it, you don't oversell it and overexploit it", Pedraza said. As a result, he said he was "hesitant to approve" Michael Kors' plan. The Kors brand helped further that trend by selling a good portion of its wares in department stores, which heavily discounted prices, making it hard to get customers to buy their products at full price. On the Macy's website, for example, Michael Kors's signature $298 tote bags are now sold for as low as $149. The company was put up for sale in April this year. And, Idol added that "from a luxury standpoint, they are one of the under-penetrated companies in terms of retail locations in the world compared to the other luxury competitors", stressing that there is room for expansion. Jimmy Choo's management, which own 1.55pc of its shares, have also given positive undertakings.

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The latter, and often-rapped about luxury shoe (hey, Fetty Wap), will reportedly be scooped up by another rapped-about brand, Michael Kors. Kors will pay £2.30 per share for the luxury shoemaker.

Kors, though, is hoping to use its own massive global infrastructure to expand Jimmy Choo's footprint.

Fashion website WWD reports the famous footwear brand, loved by celebrities, royalty and politicians, has been valued at over a billion dollars (£896 million).

It was co-founded by Malaysian shoemaker Jimmy Choo and Tamara Mellon in 1996.

The acquisition comes with many benefits for Michael Kors, which was rumored to be interested in purchasing Kate Spade, including enhancing the company's position in the high-end luxury market and new opportunities to grow the men's luxury footwear category.

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