Michael Kors takes over shoe­maker Jimmy Choo

The Guardian (Charlottetown) - - BUSINESS -

LON­DON — Amer­i­can fashion brand Michael Kors is buy­ing lux­ury shoe­maker Jimmy Choo in a deal worth $1.35 bil­lion (896 mil­lion pounds).

Kors says that Jimmy Choo, which counts Jennifer Lopez, the Duchess of Cam­bridge and Bey­once among its fans, is “the ideal part­ner” and will have its on­line pres­ence bol­stered. Jimmy Choo CEO Pierre Den­nis will stay in his job, as will Cre­ative Di­rec­tor San­dra Choi. The deal gives Jimmy Choo share­hold­ers 2.3 pounds in cash for each share, a pre­mium of 36.5 per cent on the firm’s share price of 1.685 pounds on April 21.

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