Fashion brand Michael Kors is set to snap up Jimmy Choo with a bid valuing the luxury footwear retailer at 230p per share.

Jimmy Choo is set to become a “wholly owned subsidiary” of Michael Kors, which will acquire the entirety of current majority shareholder JAB’s 68% stake in the business.

The £896m offer values Jimmy Choo at approximately 17.5 times its EBITDA in its most recent full-year results and represents a 36.5% increase on its share price before it kicked off the sale process in April.

Michael Kors said it is the “ideal partner” to bolster Jimmy Choo’s growth, which it will drive “through retail store openings and further development of its online presence as well as through an expanded assortment of additional fashion product offerings”.

Jimmy Choo’s current management team, including chief executive Pierre Denis and creative director Sandra Choi, will remain in their roles following the acquisition.

Michael Kors chief executive and chairman John D. Idol said: “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 past 20 years.

“Mr Denis, Ms Choi and the rest of the highly talented management team have done a tremendous job, and this continuity of leadership will ensure that the DNA of Jimmy Choo is maintained as we work together to continue to grow the brand globally.”