Saturday, 4 June 2011

Jimmy Choo sold for £500 million

Ever since last August the rumour mill has been working overtime with murmurings that Jimmy Choo would be sold to the highest bidder, for a price tag of around £500 million. A shortlist of potential buyers included luxury conglomerates such as LVMH, Labelux and The Jones Group, as well as Mr.Choo himself who seemed keen to win back his eponymous label.

It is thought that a £500 million bid from Mr. Choo would have been backed by the Malaysian government however it was German company Labelux that won out with a reported sum of £525.5 million last week, after months of negotiations. The label's former owners, TowerBrook purchased the Jimmy Choo company for £225 million in 2007.

Tamara Mellon - who owns a fifth of the firm - said of the partnership, "This is wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle." Luxury goods group Labelux also owns Bally and will reportedly help develop Jimmy Choo in the fast-emerging Asian market.

More soon.

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