LONDON—U.S. 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 Kors, honorary chairman and chief creative officer.
“We admire the glamorous style and trend-setting nature of Jimmy Choo designs.”
Products are displayed in the window of the Jimmy Choo store in New York City, U.S., April 24, 2017. Reuters/Brendan McDermid
