The bidding war over Jimmy Choo is heating up with several major companies making some big bids.
Private equity firm TPG, who has Neiman Marcus and The J. Crew Group in its stable, has its sights set on the company. So does Jones Group Inc., who knows it bit about fashion through its overseeing of labels like Nine West, Jones New York, and Stuart Weitzman. And finally there's a joint bid between Bahrain's Investcorp and German luxury label, Labelux Group. All parties have made an opening bid of 500 million pounds, which is equivalent to around $825 million US.
Unfortunately Jimmy Choo has had to drop out of the race to regain his namesake company. It was rumored that he'd join TPG on its bid, but the private equity firm has denied it. That's probably good news for creative director Tamara Mellon, who is reportedly on less than friendly terms with the designer. She will retain her 17% stake in Jimmy Choo, no matter which firm takes the reins.
The companies have until mid-May to submit their next bids. After that hopefully we'll have a better idea of who's likely to take control of the fashion house. Which company would you like to see win out?
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