The London-based luxury shoemaker Jimmy Choo has been bought for $811 million by Labelux, the private high-end goods group owned by Germany’s Reimann family and owner of Bally.
The Jimmy Choo brand has become synonymous with A-listed celebrities around the world from Oprah Winfrey to first lady Michelle Obama. The company was set up by Tamara Mellon who was a former Vogue magazine editor, in 1996 who teamed up with Jimmy Choo, who is a shoemaker and designer.
However, Choo had sold his shares in the company in 2001. The luxury shoes made by the brand have price tags up to $1,922 per pair.
The owner of Jimmy Choo, TowerBrook Capital Partners LP, had hired Goldman Sachs Group Inc. and Morgan Stanley in September 2010 and was consulted about “strategic alternatives” for the business, including new sources of financing, according to a Bloomberg report.
TowerBrook bought the company in 2007 for $300 million and has diversified its business beyond shoes to accessories, handbags, and even perfume. The number of retail outlets has also increased twofold with about 120 international stores. Last year, Jimmy Choo reported $243 million in sales.
Co-founder and Chief Creative Officer Mellon expressed her positive response to the deal, saying it was “wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle.” According to Labelux, Mellon and Chief Executive Joshua Shulman will retain their positions.
Labelux retained Rothschild as its financial adviser and Hogan Lovells as legal counsel.
The Jimmy Choo brand has become synonymous with A-listed celebrities around the world from Oprah Winfrey to first lady Michelle Obama. The company was set up by Tamara Mellon who was a former Vogue magazine editor, in 1996 who teamed up with Jimmy Choo, who is a shoemaker and designer.
However, Choo had sold his shares in the company in 2001. The luxury shoes made by the brand have price tags up to $1,922 per pair.
The owner of Jimmy Choo, TowerBrook Capital Partners LP, had hired Goldman Sachs Group Inc. and Morgan Stanley in September 2010 and was consulted about “strategic alternatives” for the business, including new sources of financing, according to a Bloomberg report.
TowerBrook bought the company in 2007 for $300 million and has diversified its business beyond shoes to accessories, handbags, and even perfume. The number of retail outlets has also increased twofold with about 120 international stores. Last year, Jimmy Choo reported $243 million in sales.
Co-founder and Chief Creative Officer Mellon expressed her positive response to the deal, saying it was “wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle.” According to Labelux, Mellon and Chief Executive Joshua Shulman will retain their positions.
Labelux retained Rothschild as its financial adviser and Hogan Lovells as legal counsel.
