Jimmy Choo - Jimmy Choo Sells For £525.5 Million23 May 2011
Luxury goods firm Labelux have bought Jimmy Choo from TowerBrook for a reported £525.5 million.
Jimmy Choo Sells For £525.5 Million
Jimmy Choo has been sold for a reported £525.5 million.
The footwear company - which was bought by TowerBrook in 2007 for £225 million - will now be under the ownership of luxury goods group Labelux.
Jimmy Choo creative officer Tamara Mellon told WWD: "I am immensely proud of all we have achieved over the last 15 years and delighted we are to be part of Labelux, a partner that I know shares our values and passion and [that] seeks ambitious growth in the luxury industry.
"This is wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle."
Labelux plan to work on developing Jimmy Choo in the fast-developing Asian market.
Jimmy Choo CEO Joshua Schulman said: "Labelux is really complementary to Jimmy Choo with its focus on luxury fashion, accessories and jewellery.
"We look forward to partnering with them on our [aggressive] growth plans."
Earlier this year, it was revealed founder Jimmy Choo was seeking advice to make a £500 million bid to buy back his firm.
An unnamed London-based investment bank said: "Mr Jimmy Choo has hired Daniel Stewart, so that he can assess his own options and any ways that he might be able to participate in the process."
However, the plan soon fizzled out and at one stage TowerBrook mooted floating Jimmy Choo on the Stock exchange.