Michael Kors has battled off a number of suitors to win the race to acquire Jimmy Choo in a £896m deal.
Under the terms of the transaction, shareholders of the luxury British footwear brand will receive 230p per share.
John Idol, chairman and CEO of Michael Kors, said: “We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house.
“Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear. The company is a leader in setting fashion trends. Its innovative designs and exceptional craftsmanship resonate with trendsetters globally.
“We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.”
Pierre Denis, CEO of Jimmy Choo, added: “It is a privilege for our management team to lead Jimmy Choo and to preside over such an exciting period for our company.
“We are convinced that there is so much more that can be delivered in the years ahead. We look forward to working closely with the leadership and team at Michael Kors Holdings Limited to further develop our iconic brand.
“Our two companies share the same vision of style and trend leadership. Our luxury heritage is the foundation of Jimmy Choo and we will continue to bring our brand vision to consumers globally.”
With approximately 150 company-operated retail stores, 560 multi-brand doors and more than 60 franchise stores in premier locations worldwide, Jimmy Choo has a successful, balanced distribution network.
The company has a strong presence in Europe, the Middle East, the Americas and Asia. In addition, Jimmy Choo continues to invest significantly in its online platform, which has experienced strong revenue growth in recent years.
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