Labelux Picks Up Jimmy Choo For Around $850 Million

In recent times, a lot of attention has been directed to the future of the Jimmy Choo footwear brand. The firm has been in sale mode since last year. And now, it has been revealed that the luxury shoe brand will be changing hands again. Luxury group Labelux has bought up the shoe company from London-based private equity firm TowerBrook Capital. It has been reported that Labelux has shelled out around ₤500-550 million (a figure of around $850 million) while purchasing Jimmy Choo. Incidentally, Labelux currently owns such well known brands as Bally, Derek Lam and Solange Azagury-Partridge among others.

The Jimmy Choo shoe brand is based in Vienna. When Tamara Mellon and Jimmy Choo founded it back in 1996, they could not have imagined the heights to which it would soar. According to a statement that was released by the luxury shoe brand that is loved the world over, founder and chief creative officer Mellon will remain on board. Mellon will apparently be getting a stake in the new company that will now be formed under Labelux. CEO Josh Schulman will also be part of the new management.

Apparently even co-founder Jimmy Choo had tried to purchase a stake in the company earlier this year. Choo had sold his stake in the brand that bears his name ten years ago. Perhaps his difficult working relationship with Mellon may have scuttled his chances of rejoining the brand. Over the years, Mellon has become known for her dedication to the growth of the Jimmy Choo brand.

Via: Fashionista.com

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