German luxury goods company Labelux has beat the competition to secure accessories fashion house Jimmy Choo. The acquisition expands Labelux's already impressive fashion sector, which includes Bally, Derek Lam, and Solance Azagury-Partridge.
It's unknown exactly how much Labelux paid for the Tamara Mellon helmed company, but early reports suggest the brand was worth between $650 million and $895 million.
Labelux's chief executive officer Reinhard Mieck says his company was attracted to Jimmy Choo's "enormous growth potential" and "ability to deliver material growth synergies" across the organization.
It all sounds rosy now, but I can't help wondering whether this latest acquisition will stick. Jimmy Choo has changed hands three times in the past seven years after all, from Choo himself to TowerBrook Capital and now Labelux. At least there is one constant though. Company co-founder Tamara Mellon, who holds a 17% stake in the firm, will retain her role as chief creative officer.
But some things will change. Apparently under Labelux, Jimmy Choo will create more men's shoes and handbags. It will also expand its presence in China, which can only be a good thing for luxury lovers in the East.
Are you excited about the next chapter of the Jimmy Choo story?
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