Jimmy Choo sold for £500m
Designer shoe brand Jimmy Choo has been bought by Labelux, the luxury group that owns Swiss shoe brand Bally.
Founder and chief creative officer Tamara Mellon and CEO Joshua Schulman will remain with Jimmy Choo in their existing roles.
Labelux, was established in 2007 with the aim of becoming a “new global player” in the €168bn (£145.6bn) luxury goods sector.
It has since built a portfolio of brands in luxury fashion, leather, accessories and jewellery including Bally, New York-based clothing label Derek Lam, London-based jeweller Solange Azagury-Partridge and Italian accessories brand Zagliani.
The group says the luxury market is expected to grow 6.2% annually and reach €201bn (£174bn) by 2013 and claims Jimmy Choo has outperformed the market for the past four years.
Jimmy Choo reported sales of £150m in 2010 and is experiencing double digit growth.
Reinhard Mieck, chief executive officer of Labelux, says: “Jimmy Choo is an outstanding brand with enormous growth potential and the ability to deliver material growth synergies across our group.”
Jimmy Choo was previously owned by TowerBrook Capital Partners.
