Labelux, the privately held group that owns Bally, agreed to buy upscale shoemaker Jimmy Choo on expectations for further growth in luxury accessories.
Labelux paid TowerBrook Capital Partners LLP more than 500 million pounds ($811 million) for Jimmy Choo.
“Jimmy Choo has enormous growth potential and the ability to deliver material growth synergies across our group,” Labelux Chief Executive Officer Reinhard Mieck said in a statement.
Jimmy Choo had net sales of 150 million pounds in 2010 and is growing at more than 10 percent in all categories and geographic regions, Labelux said. The company has 120 stores now, double the number when TowerBrook acquired it.
Jimmy Choo’s founder, Tamara Mellon, and Chief Executive Officer Joshua Schulman will stay on after the purchase, Vienna- based Labelux said in an e-mailed statement late yesterday.