On the selling block for the past year or so, Jimmy Choo has been bought from London-based private equity firm TowerBrook Capital by Labelux, a burgeoning luxury group which owns brands like Bally, Derek Lam and Solange Azagury-Partridge. Labelux reportedly paid between ₤500-550 million–around $850 million–for the high-end shoe label.
According to a statement released by the Vienna-based firm, Jimmy Choo founder and chief creative officer Tamara Mellon and CEO Josh Schulman will stay on board, and Mellon will take a stake in the new company being formed by Labelux.
Co-founder and namesake Jimmy Choo, who sold his stake in the brand over a decade ago, tried to throw his hat in the buyer’s ring earlier this year. Given his volatile relationship with Mellon, who seems dedicated to the growth of the brand, it’s no surprise his efforts were unsuccessful.
For a comprehensive, entertaining look at Jimmy Choo, The Brand, read The Towering World of Jimmy Choo: A Glamorous Story of Power, Profits, and the Pursuit of the Perfect Shoe by Lauren Goldstein Crowe. It’s really interesting.