Jimmy Choo Sold to Labelux for Estimated $811 Million
Labelux Group has confirmed that it has bought the Jimmy Choo footwear label, with the purchase price estimated at £500 million (around $811 million U.S.), the Telegraph reports.
The hefty winning bid is thought to be nearly three times the amount owners TowerBrook Capital paid for the luxury brand four years ago, and marks the fourth time the company has changed hands since being founded 15 years ago.
Though the Jones Group had initially been in the running for the big buy, and namesake shoe designer Jimmy Choo was rumored to be throwing his hat into the ring, Labelux emerged victorious after main rival TPG bid less than £500 million.
Backed by Germany's Reimann family of billionaires—who also own a stake in Coty—the luxury group counts Bally, Derek Lam, jeweler Solange Azagury-Partridge, and Zagliani among its other fashion holdings.
"My ambition for Jimmy Choo to inspire women around the world has never had any limits," says Jimmy Choo founder Tamara Mellon in a statement. "I am immensely proud of all we have achieved over the last 15 years and delighted we are to be part of Labelux, a partner who I know shares our values and passion and who seeks ambitious growth in the luxury industry. This is wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle."
“We are delighted to announce this acquisition," adds Labelux CEO Reinhard Mieck. "Jimmy Choo is an outstanding brand with enormous growth potential and the ability to deliver material growth synergies across our group. Tamara, Josh [Schulman, Jimmy Choo CEO], and the team have created a world-class, customer-oriented business. We welcome them to the Labelux stable and look forward to working with them to ensure Jimmy Choo’s continuing success.”
The acquistition is expected to be completed by the end of June.
A statement from Labelux also adds that Mellon and Schulman will "remain with Jimmy Choo in their existing capacity," with Mellon making an investment in the Labelux subsidiary.
