Michael Kors is scooping up footwear and accessories brand Jimmy Choo for $1.35 billion.
A statement said that Pierre Denis, Jimmy Choo’s CEO since 2012, will continue to lead the company. Creative director Sandra Choi, niece of its namesake, will also remain.
Jimmy Choo’s assets include 150 company-operated retail stores and 60 franchise stores.
Analysts called this a move upmarket for Michael Kors, whose sales have sputtered since it went public in 2011.
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