Jimmy Choo sold for £500m the fourth time the company has been sold in 15 years
After considerable speculation, Jimmy Choo has been sold to Lablelux (the owner of Bally Shoe) reflecting the current demand in the luxury goods sector. The Jimmy Choo company was orignally started back in 1986 by Malaysian Penangite Dato Jimmy Choo OBE in an old hospital building in Hackney. Fast forward 25 years and four sales later and this small shoe company has become a goliath in the industry, which lead to the Jimmy Choo brand being sold for the huge amount of £500m. Choo who currently lives in London sold his 50% stake April 2001 to Equinox Luxury Holdings for £10 million. In February 2007, TowerBrook Capital purchased Jimmy Choo, its affiliates, and co-investors for £180 million for an 83% control of the company. The Co-founder of the business, Tamara Mellon, retained her 17% stake in the company.
Jimmy Choo Sold Article – Tamara Mellons astute business acumen
The sale of the glamourous Tamara Mellon’s stake in Jimmy Choo has according to sources boosted her personal wealth to close to £150m as the 17% stake in the company was valued at £85million. Tamara Mellons faith in the shoe brand proved to be an incredibly astute business deal She started the company with Dato Jimmy Choo back in 1996 with only £150,000 (a loan given to her from her late father Tommy Yeardye who co-founded the Vidal Sassoon hair products empire).
Tamara Mellon will continue be the face of Jimmy Choo and will continue in the role of creative director once the sale process is completed.