American designer Michael Kors, best known for his affordable handbags and appearances on Project Runway, has agreed to buy Jimmy Choo for $1.5 billion.
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Kors is set to snap up the British luxury shoemaker that was launched in London and made famous by celebrity fans like Princess Diana.
It was also promoted heavily with various cameos in Sex and The City.
Co-founded in the 1990s by bespoke shoemaker Jimmy Choo and Tamara Mellon, the brand is known for its stiletto heels, accessories and perfume.
These days a pair of the Jimmy Choos will set customers back, on average, $600, and can cost as much as $5030.
The brand was put up for sale in April after its majority owner JAB - an investment fund that also owns Bally and Krispy Kreme Doughnuts - signalled its intention to focus on consumer goods.
JAB bought Jimmy Choo in 2011 for $800 million after several failed private equity takeovers.
Experiences Mellon, who left the company with a reported $170 million payout, recounted in her memoir In My Shoes where she spoke about feeling "exploited" during the transition. She then went on to launch her own shoe line before filing for bankruptcy in 2013.
Michael Kors, once the hottest name in affordable luxury, has been struggling in recent quarters with declining same-store sales as fewer people visit its shops.
In response, the brand has expanded into dresses and menswear, and invested in its online business.
His gowns have a cult celebrity following and his fashion shows starring top models like Bella Hadid in New York attract the A-list like Blake Lively.
First Lady Melania Trump recently wore a $12,000 Michael Kors black beaded skirt suit as President Trump addressed a joint session of Congress in Washington.
Kors, a long time Democrat and Hillary Clinton supporter, denied he loaned Mrs Trump the outfit, telling the New York Times: "Mrs Trump has been a longtime client at our New York boutique. She has a keen understanding of what works best for her and her lifestyle."
Jimmy Choo has reported improved results, with growth in markets like China and Japan. Department store sales in the US are dragging.
Jimmy Choo will continue with its existing management team.
"Jimmy Choo is an iconic premier luxury brand that offers distinctive footwear, handbags and other accessories," Kors said.
"We admire the glamorous style and trend-setting nature of Jimmy Choo designs."
with AAP
