The boards of directors of both companies have approved the sale. Investors in Jimmy Choo PLC will receive 230 pence, on the London market, per share.
The Michael Kors brand of purses, clothes and accessories is typically sold in malls and department stores, which have been in decline due to changing shopping habits.
Jimmy Choo products, whose shoes start at just under $500 a pair, tends to attract different customers and has maintained a more rarefied fashion aura. Founded in 1996, its shoes initially achieved fame after they were worn by celebrities Princess Diana and actress Sarah Jessica Parker.
A statement Tuesday from Michael Kors said it intends to grow the Jimmy Choo brand, expand into men's footwear and further its own expansion into the category of luxury accessories.