Jimmy Choo, founded in the 1990s and is known for its stiletto heels and accessories, put itself up for sale in April after its largest shareholder, JAB Holding, opted to focus on the food and coffee industries. Celebrities, including the late Princess Diana, helped make the brand famous, and its shoes are luxury staples in cosmopolitan markets such as New York and Paris.

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“Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear,” John D. Idol, chairman and chief executive of Michael Kors, said in a statement. “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.”

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Michael Kors is considered one of the biggest names in a market segment known as “affordable luxury” but like many fashion companies, it has struggled in recent years as shoppers have turned away from shopping malls in favor of options online. Analysts said the company has been particularly hurt by the weakened state of big department stores, which forced it to reduce the price of its handbags, creating the perception they were less exclusive.

The company has tried to revive sales by investing more in its online business and by reducing its inventory in department stores in order to sell fewer items at higher prices. In May, the company announced it would close up to 125 of its retail stores. A year ago, the company’s stock was trading at more than $50 a share. On Tuesday, it opened at less than $35.

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Kors latest acquisition comes as many companies are attempting to cope with the shakeout in retail by consolidating. For instance, Coach, a major competitor, recently bought rival handbag brand Kate Spade. It also bought high-end shoemaker Stuart Weitzman in 2015.

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Louis Vuitton, meanwhile, has used acquisitions to expand its appeal across a broader cross section of customers with different products and price points. While the strategy seems to be working for Louis Vuitton, others have had mixed results, according to Jason Green, chief executive of the Cambridge Group, a consulting firm that focuses on growth strategies for retailers and apparel brands.

“The danger is you take a great brand that has a strong following that people love and you damage that brand by creating too many synergies,” he said.

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Green said the Michael Kors will now face a similar challenge as it tries to accommodate a luxury brand like Jimmy Choo.

In its statement announcing the purchase, Michael Kors hinted at expanding the Jimmy Choo brand by possibly building its presence in men’s footwear and accessories, a similar approach to what Green said Louis Vuitton has done with its acquisition.

“It will be a little while before we find out if this is a successful combination between Michael Kors and Jimmy Choo,” he said.