MICHAEL KORS WILL BUY UPSALE SHOEMAKER JIMMY CHOO FOR 1.2 BILLION DOLLARS :

Michael Kors said it has agreed to acquire upscale shoemaker Jimmy Choo for 896 million pounds, or about USD 1.2 billion.     The latest push by the American luxury company comes in its pursuit to find sources of growth in an increasingly competitive retail landscape, reported New York Times.     “We believe that Jimmy Choo is poised for meaningful growth in the future. We are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years,” John D Idol, the Michael Kors chairman and chief executive, said in a statement.     Jimmy Choo was founded in 1996 by Tamara Mellon, then accessories editor at British Vogue, and the Malaysian cobbler Jimmy Choo.     The brand shot to fame thanks to a slew of celebrity patrons, including Diana, the Princess of Wales, and actress Sarah Jessica Parker, who embraced its signature sky-high stilettos.  The Rediff.com : 25th. July,17

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