By Faith Cummings
Updated Jul 25, 2017 @ 7:45 am

Major news just came off the fashion presses on Tuesday.

Michael Kors Holdings Ltd. just announced that it plans to purchase luxury shoe and accessories brand Jimmy Choo for a whopping $1.2 billion. Kors will shell out 230 pence a share in the deal, which was officially approved by both companies' boards, as reported in a statement to Business of Fashion. That's a whole lot of strappy sandals and pony hair pumps!

Jimmy Choo has won over fans that range from fictional fashionistas, such as Carrie Bradshaw, who lost her suede and feather platforms while running to the Staten Island Ferry in Sex and the City, to IRL style icons, like Princess Diana and Kate Middleton. The news of the deal furthers the trend of consolidation in the industry, as Coach Inc. agreed to buy its rival Kate Spade & Co earlier this year.

With NYFW only a couple of months away, we expect to her a few more rumblings in the fashion world before the end of 2017.