Michael Kors is buying Jimmy Choo for a cool $1.2 billion.

In a recent statement with WWD, John D. Idol, chairman and chief executive officer of Michael Kors Holdings, said:

“We are creating a global luxury fashion group. Our focus is on international fashion luxury that are industry leaders. Ms. Choi and the rest of the highly-talented management team have done a tremendous job, and this continuity of leadership will ensure that the DNA of Jimmy Choo is maintained as we work together to continue to grow the brand globally.”

Pierre Denis will remain at the helm of Michael Kors Holdings, acting as CEO, as well as Sandra Choi, the brand’s creative director.