Michael Kors to buy Jimmy Choo for $1.5 billion

Jimmy Choo officially has a new owner!

Luxury fashion brand Michael Kors, known for their affordable handbags and accessories, has snatched up Jimmy Choo for a whopping $1.5 billion after the company had been put up for sale in April of this year. 

Jimmy Choo, which was co-founded by Tamara Mellon in 1996, has had many iconic moments over the years, such as a famous quote from Sex in The City "I lost my Choo!", as well as being worn by major celebrities such as Princess Diana, Halle Berry and Michelle Obama. The brand was sold to investment fund JAB (who also owns Bally and Krispy Kreme) in 2011, and they decided to sell again this year due its intention to focus on consumer goods. 

Michael Kors was once one of the hottest names in affordable handbags, has been struggling recently with a major decline in sales, and in response began to make dresses and menswear, which have been worn by the likes of First Lady Melania Trump, Bella Hadid and Blake Lively.

Kors has made the decision to keep the existing management team, and explained "Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories, we admire the glamorous style and trend-setting nature of Jimmy Choo designs."

We are sure that Jimmy Choo is in good hands with Michael Kors, and we can't wait to see what exciting things he has in store for the brand!