By Claire West
Labelux GmbH the privately held luxury goods group, today announces the acquisition of Jimmy Choo from TowerBrook Capital Partners LP (“TowerBrook”) and the minority shareholders.
The transaction has the full support of Jimmy Choo senior management led by Founder and Chief Creative Officer, Tamara Mellon OBE and Chief Executive Officer, Joshua Schulman, who will remain with Jimmy Choo in their existing capacity.
Tamara Mellon and senior management are making an investment in the Labelux subsidiary established to own Jimmy Choo.
Tamara Mellon said:
"My ambition for Jimmy Choo to inspire women around the world has never had any limits. I am immensely proud of all we have achieved over the last fifteen 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."
Labelux, which was established in 2007 with the aim of creating a significant new global player in the expanding luxury goods sector, has built a strong portfolio of brands in luxury fashion, leather, accessories and jewellery. Labelux’s existing portfolio comprises Swiss luxury brand Bally, acquired in 2008, New York-based apparel label Derek Lam, London-based jeweller Solange Azagury-Partridge and Italian accessories brand Zagliani.
The size of the global luxury market was estimated to be worth €168 billion in 2010 and is expected to record compound annual growth of 6.2% to reach €201 billion by 2013. The women’s shoes and leather goods segment of the market, in which Jimmy Choo predominantly operates, is expected to grow at a faster rate than the overall luxury market.
Jimmy Choo is a world-class luxury brand. Since its inception 15 years ago, Jimmy Choo has grown to become the definitive global women’s luxury footwear brand, and has expanded successfully to include a range of complementary product categories including handbags, small leather goods, eyewear, scarves, belts, fragrance and most recently, men’s shoes. Sales have grown in every year of Jimmy Choo’s existence and over the past four years have outperformed the overall luxury goods market by an average of five times. In 2010, the company reported Net Sales of £150m and is currently experiencing double digit growth across all categories and geographies.