Michael Kors will be purchasing the Jimmy Choo shoe line for $1.2 billon, the U.S retailer has announced.
Known for its stiletto heels, Jimmy Choo was founded in the 1990s by designer Jimmy Choo, and was made famous by celebrity fans.
The company went on sale in April, after majority owner JAB signaled its intention to focus on consumer goods.
The move is seen as a bid for Michael Kors to regain its place in the luxury industry, following a decline in sales.
In response, it has expanded into dresses and menswear, and invested in its online business. It said Jimmy Choo would continue to operate as it does today, under its existing management team.
“Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories,” said Michael Kors, honorary chairman and chief creative officer.
“We admire the glamorous style and trend-setting nature of Jimmy Choo designs.”