Luxury shoe brand Jimmy Choo has found a new owner. Michael Kors said Tuesday that it will pay £896 million ($1.2 billion) in cash for Jimmy Choo. "We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years," John Idol, CEO of Michael Kors, said in a statement. Jimmy Choo shares surged after the news broke, rising by more than 17% in London. The deal is the latest example of consolidation in the luxury industry. It should help Michael Kors diversify its product lines, while boosting ... (full story)