Michael Kors buys Jimmy Choo for £896 million

Designer footwear brand Jimmy Choo has been bought by Michael Kors Holdings in a huge deal worth £896 million.

The British shoe label was founded by Malaysian-born designer Jimmy Choo and Vogue journalist Tamara Mellon in 1996.

Choo was bought out in 2001, with Mellon leaving in 2011. The company was put up for sale by majority owner JAB Holdings in April this year.