Yes, you heard correctly-R5,7 Billion($800m)! Labelux, a privately held luxury group, said Sunday that it had agreed to acquire the high-end shoe and accessories company Jimmy Choo from TowerBrook Capital Partners, a private equity company, and minority shareholders.
“Jimmy Choo has expanded from 60 stores to an international footprint of 120 sites and substantial potential awaits the Jimmy Choo brand, particularly in Asia, where Labelux has a proven track record,” Ramez Sousou, co-chief executive of TowerBrook, said in a statement. TowerBrook bought the company in 2007.
"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."
Shoelosophy notes: Congratulations to Tamara Mellon for cashing in on the brand she created. I am comforted in the fact that she will stay on as head of the Jimmy Choo brand. So onwards and forwards Jimmy Choo.
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