Michael Kors
Designer Michael Kors, pictured February 15, 2017 posing backstage before the Michael Kors Collection Fall 2017 runway show in New York City, the designer's luxury company of the same name bought Jimmy Choo. Getty Images

Michael Kors bought luxury shoemaker Jimmy Choo in a £896 million deal Tuesday, according to CNN. Michael Kors' purchase follows a decision made by Jimmy Choo in April to put itself up for sale after struggling to tackle sluggish sales. The deal, which is valued at approximately $1.35 billion USD, has been approved by the Boards of Directors of both brands to help increase future growth.

Jimmy Choo's Chief Executive Officer Pierre Denis will remain in his position. Denis, who has worked with Jimmy Choo since 2012, helped to spark a growth in sales by 11 percent annually. Creative Director Sandra Choi will also maintain her role, leading the company's creative and design teams.

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John D. Idol, Chairman and Chief Executive Officer of Michael Kors, spoke about the purchase on Tuesday in a press release that was originally published on Bussiness Wire.

"We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house," Idol said in a statement. "Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear. The company is a leader in setting fashion trends. Its innovative designs and exceptional craftsmanship resonate with trendsetters globally."

Denis also spoke in the press release about the deal, claiming he's "convinced" that this is a great move for both parties.

"We look forward to working closely with the leadership and team at Michael Kors Holdings Limited to further develop our iconic brand," Denis said in the press release. "Our two companies share the same vision of style and trend leadership. Our luxury heritage is the foundation of Jimmy Choo and we will continue to bring our brand vision to consumers globally."

A representative for Michael Kors and Jimmy Choo did not immediately return International Business Times' request for comment.

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The deal to acquire Jimmy Choo comes after Michael Kors confirmed the company's decision to eliminate up to 125 stores in June, a plan that would be active over the next two years to help diversify the company. Michael Kors claimed they wanted to tap into the online shopping trend, expanding brand recognition in Asia as well.

The London-based brands' collaborative effort was inked to help improve both companies' standings with consumers who purchase luxury attire and accessories. Since Michael Kors is also facing a financial setback, how does Jimmy Choos fit into its plans?

Idol claimed acquiring Jimmy Choo is ideal because the company "is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years." He also added that keeping Jimmy Choo's current leadership intact "will ensure that the DNA of Jimmy Choo is maintained as we work together to continue to grow the brand globally."

ABC News reported Tuesday that shares for Jimmy Choo have improved following the announcement, increasing by over 17 percent in London alone. Michael Kors' shares are down by 2.5 percent.

Time will determine whether or not this newly confirmed deal will pay off.

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