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A privately held luxury company called Labelux announced on Sunday that they had reached an agreement to buy Jimmy Choo, a top-of-the-line company producing accessories and shoes, from TowerBrook Capital Partners and the company’s minority shareholders.
To complete the deal, Labelux gave TowerBrook Capital Partners LLP more than $811 million, according to two separate individuals close to the deal. According to one of these anonymous sources, TowerBrook made more than 3 times its initial investment.
“Jimmy Choo has enormous growth potential and the ability to deliver material growth synergies across our group”, said Reinhard Mieck, Chief Executive of Labelux. The brand now has 120 stores, which is twice the number of stores as it had when it was acquired by TowerBrook.
Some of Jimmy Choo’s team will stay on board working for the company after the acquisition is 100% final. Both founder of the company Tamara Mellon and Chief Executive Joshua Schulman will continue to work for the brand, according to an email statement by Labelux.
Right now, the sales numbers for Jimmy Choo are at an unusually high spot for the high-fashion business. The brand became famous for putting shoes on the feet of the “Sex and the City” cast, and in the last seven years it has changed ownership three different times, each time providing big profits to its private owners.