Michael KORS shoes are selling well.
The shoe brand said Wednesday that it would buy the shoe company for $20 billion in cash.
Shaq shoes are one of the most popular sneakers in the world, having been around for more than a decade.
The shoe company, which is controlled by Nike, sells about 2.6 million pairs annually.
The sale comes a day after the retailer’s stock dropped as much as 6.5 percent in the aftermath of the terrorist attack in Paris that killed 129 people.
Kors said in a statement that it was “the right time” to invest in footwear.
“Shaq has been a leader in the footwear market for more that a decade and continues to deliver solid performance across a wide variety of products.
We have a strong portfolio that will continue to offer our loyal customers the best quality shoes and footwear for decades to come,” the statement said.
Shaquille O’Neal, the former NBA player and NBA champion, was among those who praised the company for its commitment to its shoe business.
The news of the deal comes as Nike is looking to take on more footwear brands.
The company recently announced plans to launch its first-ever branded sneaker line, and the company also plans to unveil the first-generation Nike Fuel product later this year.