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 its sales in Asia.

Euromonitor International analyst Pedro Aguilar said that Jimmy Choo had especially benefited from an expansion into designer men's footwear. He said that retail sales of high-end men's shoes have outpaced comparable products for women in recent years.

Jimmy Choo's largest shareholder, JAB Holding, said that it supports the deal. JAB also has large investments in other luxury and fashion brands, including the French perfume maker Coty (COTY).

Jimmy Choo, which was founded in 1996 by former Vogue accessories editor Tamara Mellon and designer Jimmy Choo, put itself up for sale in April.

The brand is hugely popular among female fashionistas, and a pair of its stilettos can easily sell for over $1,000.

It has also branched out into menswear and other accessories.

Related: Jimmy Choo (the company) is now on sale

Jimmy Choo first gained international fame after appearing in films and TV shows including "Sex and the City" and "The Devil Wears Prada."

Its share have increased by over 100% in the past year when Monday's move is included.

-- Alanna Petroff contributed reporting.