Jimmy Choo acquired by Labelux for undisclosed sum

AP News
Posted: May 22, 2011 3:45 PM
Jimmy Choo acquired by Labelux for undisclosed sum

Privately held luxury goods group Labelux GmbH says it acquired shoe and accessories maker Jimmy Choo from TowerBrook Capital Partners LP and other minority shareholders.

Terms of the deal announced Sunday were not disclosed. Jimmy Choo senior management, including founder Tamara Mellon and CEO Joshua Schulman, will remain with the company.

Labelux, based in Germany, owns Swiss luxury brand Bally, New York apparel label Derek Lam, London-based jeweler Solange Azagury-Partridge and Italian accessories brand Zagliani.

Jimmy Choo, which is based in London, started 15 years ago and now includes handbags, eyewear, scarves, belts, fragrance and men's shoes in addition to its signature women's footwear line. It reported net sales of about $244.2 million last year.

TowerBrook had been considering alternatives for the brand since late 2010.