Michael Kors To Buy Jimmy Choo For $1.2bn

US fashion brand Michael Kors on Tuesday agreed to buy British shoemaker to the stars Jimmy Choo for almost £900m ($1.2bn, 1.0 billion euros).

Jimmy Choo — whose celebrity fans include Beyonce, Lady Gaga, Nicole Kidman and Kate Middleton — is the “ideal partner” for the US handbag and clothing maker, it said in a statement.

“The boards of directors of Michael Kors Holdings Limited and Jimmy Choo plc are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition,” it added.

The cash deal was pitched at 230 pence per share and values Jimmy Choo — which floated on the London Stock Exchange in 2014 — at about £896 million.

“Michael Kors believes it is the ideal partner for Jimmy Choo and is well positioned to support Jimmy Choo’s continued growth,” it noted.

“Michael Kors intends to apply the experiences, infrastructure and capabilities that it has developed as a company over the course of its own worldwide growth as a luxury fashion brand to support the growth of Jimmy Choo.”

Michael Kors has secured the backing of a Luxembourg-based investment firm and majority shareholder JAB Luxury, which holds 67.66 percent of Jimmy Choo.