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Labelux snaps up Jimmy Choo

Labelux, the German luxury goods group, has confirmed that it has bought shoemaker Jimmy Choo from private equity firm Towerbrook Capital Partners.

CITY & CORPORATE

Labelux snaps up Jimmy Choo

The group, which is backed by the billionaire Reimann family, is reported to have paid £500 million for the shoemaker.

Labelux said in statement yesterday that the sale had the full support of senior management and that Tamara Mellon OBE, one of the original founders of the company, would stay on in her capacity as chief creative officer.  However, it was not clear whether she would be selling her 17% stake in the business.

Labelux, established in 2007 with the aim of creating a new global player in the luxury goods sector, has built a wide portfolio of luxury brands. These include Swiss shoemaker Bally, New York-based fashion label Derek Lam, and London jeweller Solange Azagury-Partridge.

Founded in 1996, Jimmy Choo has successfully expanded its product range to include handbags, eyewear, scarves, belts, fragrances and most recently, men’s shoes. With 120 stores around the world, sales reached £150 million last year as the company benefited from the surge in demand for luxury goods from China and Asia. The company said it was currently achieving double digit growth across all categories.

Commenting on the acquisition, Reinhard Mieck, chief executive officer of Labelux, said: “We are delighted to announce this acquisition. Jimmy Choo is an outstanding brand with enormous growth potential and the ability to deliver material growth synergies across our group. Tamara, Josh 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.”

Tamara Mellon said: "My ambition for Jimmy Choo to inspire women around the world has never had any limits. I am immensely proud of all we have achieved over the last fifteen 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."

The sale is expected to be completed by the end of June.

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