Michael Kors set to acquire Jimmy Choo after shoe giant was put up on sale in April
The 57-year-old agreed to pay 230 pence per Jimmy Choo share with board directors, who currently own 1.3 per cent of the company, which was founded by Tamara Mellon and Jimmy Choo in 1996.
However, the pair no longer have any involvement in the fashion house, reported The Guardian newspaper.
The news comes shortly after Jimmy Choo's main shareholder, JAB Luxury, put the firm up for sale in April this year, in a bid to sell their six per cent of the business.
Although Michael Kors has bought the brand, the creative director, Pierre Denis, will stay with the company, which he has run for five years since 2012.
Creative director Sandra Choi, will also keep her role.
However, the chief executive of Jimmy Choo, John Idol, does not fear for the future of the label and believes there will be "meaningful growth in the future" under Kors' direction.
"Jimmy Choo is known worldwide for its glamorous and fashion forward footwear. The company is a leader in setting fashion trends. Its innovative designs and exceptional craftsmanship resonate with trendsetters globally.
"We believe that Jimmy Choo is poised for meaningful growth in the future and we are committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years," Idol said.