Michael Kors To Buy Jimmy Choo in $1.2 Billion Deal

Jimmy Choo has a new owner. Michael Kors said on Tuesday it has agreed to purchase the luxury shoemaker for approximately $1.2 billion, adding a coveted global brand to the U.S. retailer's stable as its own handbag and accessories sales suffer.Many retailers have faced declining sales in recent years amid fierce competition from online shopping and discount and fast-fashion stores like via IFTTT