MIAMI (CBSMiami) — Two luxury fashion giants are joining forces.
Michael Kors is buying Jimmy Choo, famous for its stiletto shoes, for 1-point-2 billion dollars.
Shares of Jimmy Choo soared to an all-time high Tuesday morning after the announcement.
Michael Kors purses, clothes and accessories are typically sold in malls and department stores but have suffered a decline in sales recently.
In May, Michael Kors announced plans to close 100 – 125 of its full-price retail stores and renovate existing stores.
Jimmy Choo produces, whose shoes start at just under $500 a pair, tends to attract extremely high-end customers. Founded in 1996, its shoes gained fame after they were worn by celebrities Princess Diana and actress Sarah Jessica Parker.
A statement Tuesday from Michael Kors said it intends to grow the Jimmy Choo brand, expand into men’s footwear and further its own expansion into the category of luxury accessories.