>> Will the shoe fit for US retailer, Michael Kors? The company announcing on Tuesday it's sports luxury British brand, Jimmy Choo. And like the heels, the price was high. Snapped up for $1.2 billion. The sale sending the shoe maker's shares soaring 17% to a record high. Founded in the 1990s in eastern London by its namesake, Jimmy Choo, it's known for its skyscraper heels and celebrity following.
Adorning shop windows in cities from London to Paris, New York, and Tokyo. The hit brand made the announcement it was putting itself up for sale in April. When it's majority owner, JAB, signaled its intention to focus on consumer goods. Cue Michael Kors stepping into the spotlight. Once the hottest name in affordable luxury with a hugely popular handbag range, in recent quarters, it's struggled.
Suffering from declining same store sales as fewer people make the trip to the shops. It's fought the decline by expanding into dresses and men's wear and investing in its online business. At the stage it says it has no plans to shake up the Jimmy Choo brand. Stating it would continue to operate as it does today under its existing management team.
The sale is expected to close towards the end of this year.