Michael Kors to Buy Jimmy Choo

Michael Kors (New York) announced it will acquire Jimmy Choo (London) for $1.2 billion.

Jimmy Choo CEO Pierre Denis and other managers will remain in their positions, reports The New York Times. Jimmy Choo has 150 stores.

“A combination with Michael Kors will allow Jimmy Choo to embark on its next phase of growth and provide opportunities for the benefit of Jimmy Choo customers, employees, shareholders and other stakeholders,” Peter Harf, Jimmy Choo chairman, said in a news release.