Jimmy Choo bought by Labelux Buys

Luxury British shoewear brand Jimmy Choo is acquired by Labelux from London based private equity firm TowerBrook Capital Partners LP. Two sources familiar with the deal said Jimmy Choo is bought for an estimated 500 million British pounds

($812 million). Towards the end of June the deal is expected to close.

Labelux confirmed co-founder and Chief Creative Officer of Jimmy Choo Tamara Mellon, and Chief Executive Officer Joshua Schulman would stay on in their current positions. To own Jimmy Choo, a stake in the subsidiary is being made and Mellon will take a stake.

Media reports said Labelux outbid private equity firm TPG Capital. Labelux is based in Vienna and is founded by Germany billionaire Reimann family in 2007. The company also invested in footwear brand Bally, Derek Lam and Solange Azagury-Partridge.

Former Vogue editor Mellon founded Jimmy Choo in 1996. In less then a decade, the company reported net sales of 150 million British pounds. Co-founder Jimmy Choo sold his stake in the brand more than ten years ago.

Image: Jimmy Choo
Source: Reuters