Private equity firm TowerBrook has sold fashionista’s favourite Jimmy Choo to luxury holding Labelux. The Austrians would have paid 579.5 million euro for the British stiletto shoe brand, but promises to leave the creative power, Tamara Mellon, free to do her job.
Ex-Vogue editor Tamara Mellon founded the brand together with Jimmy Choo in 1996 and has owned 50% of the company ever since. The other half was sold by Jimmy Choo in 2001. The brand has been hugely popular among celebreties and their followers since they were featured – and promoted – heavily by both books and television series of Sex and the city. The company had a turnover of 173 million euro in 2010 and expects a double digit growth for 2011, especially since the luxury boom on the Chinese markets.