The board of directors of Michal Kors Holdings Limited and Jimmy Choo PLC said they reached an agreement on Tuesday to acquire Jimmy Choo's stake in Michal Kors-owned JAG Acquisitions, Footwear News writes.
According to the terms of the deal, the buyer will pay pounds for each share of Jimmy Choo 2,30 pounds, in general, the company's share capital was estimated at 896 million pounds ($ 1, 2 billion).
British luxury shoe brand Jimmy Choo was founded in 1996 by businessman Jimmy Chu and former editor of British Vogue magazine Tamara Mellon. In 2001, the businessman sold his stake in the company (50%) for £ 10 million, since then the brand has changed owners several times.
Michael Kors is an American brand of clothing, shoes, perfumes and accessories. Founded by Michael Kors in 1981.