Jimmy Choo sold for £500m

Designer shoe brand Jimmy Choo has been bought by Labelux, the luxury group that owns Swiss shoe brand Bally.

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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.

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