Privately held luxury group Labelux has agreed to acquire high-end shoe and accessories company Jimmy Choo from TowerBrook Capital Partners, a private equity company, and minority shareholders.
The price was not disclosed. TowerBrook had been considering taking Jimmy Choo public, but opted to sell it to a strategic buyer. The sale values the company at £500 million, or $800 million, two people with direct knowledge of the matter said.
“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,” said Ramez Sousou, co-chief executive of TowerBrook, which bought the company in 2007.
Labelux holds such fashion brands as Bally, Derek Lam and Zagliani in its portfolio.
Jimmy Choo’s top management, including founder and chief creative officer, Tamara Mellon, and chief executive, Joshua Schulman, plan to remain with the company after it changes hands.