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Earns Michael Kors
People pass the Michael Kors store on Madison Avenue, in New York, Wednesday, May 31, 2017. Michael Kors Holdings plans to close up to 125 stores over the next two years with continued weak sales at its luxury stores. (AP Photo/Richard Drew)

Michael Kors purchased the luxury shoe brand Jimmy Choo


Need some shoes to go with that handbag?

Michael Kors announced Tuesday that it will buy the luxury shoe brand Jimmy Choo for £896 million, or about $1.35 billion.

Kors said Jimmy Choo is "the ideal partner" and will be strengthened with further development of its online presence.

"The company is a leader in setting fashion trends," John Idol, CEO of Michael Kors, said of Jimmy Choo in a press release. "Its innovative designs and exceptional craftsmanship resonate with trendsetters globally."

Pierre Denis will continue his role as Jimmy Choo's CEO. He said the two companies share the "same vision of style and trend leadership."

The company was founded in 1996 by luxury shoe designer Jimmy Choo and Vogue accessories editor Tamara Mellon. The brand became popular among female consumers because of its chic, yet pricey designer shoes that easily sell for upwards of $1,000.

Michael Kors is best known for its upscale handbags.

Idol said the handbag maker believes "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.”

And, hey, it could make finding the perfect pair of shoes to match your bag that much easier.

The Associated Press contributed to this report.

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