Jimmy Choo goes to Labelux for £500 million
It was earlier being speculated that Bernard Arnault’s LVMH, the French luxury goods conglomerate on an acquisition trail, was considering a bid for British luxury footwear firm Jimmy Choo. Now, the big news coming from the industry is that the luxury goods group Labelux from TowerBrook Capital Partners LP has bought the fashionistas’ favorite shoemaker. The terms of the deal haven’t been revealed, but two familiar sources said it was worth about £500 million (over $809 million).
Vienna-based Labelux, owner of the Bally bag and the Derek Lam fashion label, said that Jimmy Choo’s cofounder and Chief Creative Officer Tamara Mellon and Chief Executive Officer Joshua Schulman would have the same roles. Since it was founded in 1996, Jimmy Choo has been sold four times.
TowerBrook Capital Partners had earlier bought the shoemaker in 2007 for £185 million and has made it become a global brand known for its high-end luxury shoes. Labelux was founded in 2007 by the German billionaire Reimann family.