Michael Kors to Acquire Jimmy Choo for $1.2 Billion USD

Michael Kors has officially acquired luxury footwear imprint Jimmy Choo for a whopping $1.2 billion USD. The plush handbag maker's hefty purchase was intended to help with its declining sales in recent years--MK saw an 11% sales decline in the last quarter, as per the New York Times. Sales were plummeting due to cutthroat competition and emergence of online shopping websites as well as fast-fashion retailers such as H&M. Kors had attempted to lure consumers by offering massive discounts, but the...