Transatlantic private equity firm Towerbrook Capital Partners has sold fashion house Jimmy Choo to luxury goods seller Labelux.
After mulling a variety of options for the company, said to include a potential Hong Kong listing, the sale to Labelux is reported to have raised £500m (€575.5m). Founder and chief creative officer Tamara Mellon and CEO Joshua Schulman are to remain I their current positions.
The British fashion house, known for its lavish shoes and designer handbags, was set up in 1996 by the then Vogue accessories editor Tamara Mellon and couture shoe designer Jimmy Choo.
In April 2001, UK mid-market fund manager Phoenix Equity Partners bought out Jimmy Choo’s 50 per cent ownership of the company for around £9m (€10.3m).
The famous shoemaker has since changed private equity hands twice, having been acquired by Lion Capital in a deal that valued Jimmy Choo at £101m (€116.2m) and returned a reported £34m (€39.1m) to Phoenix in 2004, and then going to TowerBrook and Gala in a deal that put a £185m (€212.9m) price on the company. TowerBrook took a majority stake in the 2007 transaction, the most recent change of ownership for Jimmy Choo.
Labelux CEO Reinhard Mieck said, “Jimmy Choo is an outstanding brand with enormous growth potential and the ability to deliver material growth synergies across our group.”
Established in 2007, Labelux’s brand portfolio includes Swiss company Bally, New York clothing group Derek Lam, London jeweller Solange Azagury-Partridge and Italian accessories maker Zagliani.
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