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Written by Eromosele Patrick Eidusi

Michael Kors was among several companies in the running to acquire the luxury accessories brand, Jimmy Choo from JAB Luxury, including interparfums and CVC Capital partners.

Michael Kors Holdings Ltd. agreed to buy Jimmy Choo Plc for about £896 million ($1.2billion), clinching the London-based maker of strappy stilettos, handbags and perfume.

The handbag maker is said to pay about 230 pence for the luxury shoemaker, that’s a premium of 18 percent over Monday’s close. The price is calculated as being equal to about 17.5 times Jimmy Choo’s adjusted Ebitda for 2016. The boards of both companies have approved the deal, they said in a statement on Tuesday.

Boosted by High-profile devotees not leaving out Late Princess Diana and the fictional Carrie Bradshaw in television series “Sex and the City” the Jimmy Choo’s brand was seen to have rose to prominence in the 1990s. the current deals between the two Fashion companies comes amid consolidation in the luxury industry, with Michael Kors rival coach Inc., agreeing to buy Kate spade & Co. earlier this year.

According to Business of Fashion – Jimmy Choo was acquired by private-equity investors three times before being bought by JAB Holding Co. for more than £500 million in 2011. JAB, the investment Vehicle of the billionaire Riemann family, sold a stake in a 2014 initial public offering, though has remained the company’s majority owner with 68 percent stake.

BofA Merrill Lynch and Citigroup advised Jimmy Choo, Goldman Sachs and JPMorgan Chase & Co. advised Michael Kors.

Michael Kors said it would keep Jimmy Choo’s existing management team, led by chief executive officer Pierre Denis.

Photo Credit: Jimmy Choo

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