Michael Kors Buying Jimmy Choo In $1.2B Deal

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MIAMI (CBSMiami) -- Two luxury fashion giants are joining forces.

Michael Kors is buying Jimmy Choo, famous for its stiletto shoes, for 1-point-2 billion dollars.

Shares of Jimmy Choo soared to an all-time high Tuesday morning after the announcement.

Michael Kors purses, clothes and accessories are typically sold in malls and department stores but have suffered a decline in sales recently.

In May, Michael Kors announced plans to close 100 – 125 of its full-price retail stores and renovate existing stores.

Jimmy Choo produces, whose shoes start at just under $500 a pair, tends to attract extremely high-end customers. Founded in 1996, its shoes gained fame after they were worn by celebrities Princess Diana and actress Sarah Jessica Parker.

A statement Tuesday from Michael Kors said it intends to grow the Jimmy Choo brand, expand into men's footwear and further its own expansion into the category of luxury accessories.