It's confirmed! American fashion brand Michael Korshas just announced that it will acquire London-founded luxury shoe brand, Jimmy Choo. First put up for sale in April by JAB Holding — a European investment group which focuses on companies with premium consumer goods — Jimmy Choo will be bought for Dhs4.9 billion, with the goal that both brands will collaborate to achieve new avenues of growth and strengthen their online existence. 

Michael Kors' move comes a year after Balmain was bought by a Qatari investment fundMayhoola. Stay connected with Buro 24/7 Middle East for more fashion news.