(CNN) - Jimmy Choo has a new owner.
Michael Kors announced Tuesday that it will purchase the luxury brand for$1.2 billion in cash.
London-based Jimmy Choo made its debut in 1996, and was put up for sale earlier this year.
The brand is best known for its shoes, and is hugely popular.
A pair of its stilettos can easily sell for more than $1,000.
The Kors company, meanwhile, is best known for its handbags.
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