British footwear company Jimmy Choo is said to have a value of approximately US$1.35 billion. The transaction has been approved by the Boards of Directors of both Michael Kors and Jimmy Choo.

“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. We believe that Jimmy Choo 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”, said John D. Idol, Chairman and CEO, Michael Kors.

Pierre Denis, who has headed Jimmy Choo since 2012, is to remain as Chief Executive Officer, while Creative Director Sandra Choi will continue to lead the creative and design teams at the company.

Jimmy Choo has about 150 company-operated retail stores, 560 multi-brand locations and over 60 franchise stores in premier locations worldwide. The company has a strong presence in Europe, the Middle East, the Americas and Asia. The shoemaker continues to invest significantly in its online platform, which has experienced strong revenue growth in recent years.

With the acquisition, Michael Kors says it expects to grow Jimmy Choo sales to US$1 billion, to create a more balanced portfolio with greater product diversification, and foster an enhanced positioning in the attractive and growing luxury footwear, particularly in the men’s luxury footwear category.

The transaction, expected to close in the fourth quarter of 2017, is not subject to a financing condition. In a statement, Michael Kors Holdings said it “believes that the acquisition enhances the company’s economic value and will drive improved long-term shareholder value.”