Michael Kors to buy Jimmy Choo for US$1.2 billion

Michael Kors has agreed to buy luxury footwear brand Jimmy Choo for US$1.2 billion.The British firm, which was put up for sale in April, had attracted attention from a number of suitors.Under the terms of the agreement, Jimmy Choo will become a wholly-owned subsidiary of Michael Kors.Michael Kors himself, the honorary chairman and chief creative officer of the firm that bears his name, described the purchase as "a premier fashion luxury house that offers distinctive footwear, handbags and other accessories".He added: "We admire the glamorous style and trendsetting nature of Jimmy Choo designs. We look forward to welcoming Jimmy Choo to our luxury group."Michael Kors said it would keep the existing management structure of Jimmy Choo once the deal completes, with Pierre Denis staying on as chief executive.