(MENAFN) Michael Kors has confirmed to buy shoemaker Jimmy Choo for USD1.2bn, snapping up a UK firm whose towering stilettos have been made famous by celebrity customers.
Meanwhile, the move comes two months after rival Coach struck an agreement to purchase quirky fashion brad Kate Spade & Co. to go into new markets.
Additionally, Michael Kors, which tried to fight back by increasing into dresses and menswear and its online business, proclaimed that sales at stores fell 14 percent.
Through the terms of the deal, it will pay a premium of 36.5 percent in order to buy Jimmy Choo compared with the UK firm's share price before it was put up for sale.
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