Jimmy Choo is bought by Labelux for about $880 million

And Jimmy Choo has another new owner! The brand’s new owners will be German luxury-goods company Labelux GmbH. The smallholding company already owns Swiss shoe brand Bally, the Derek Lam fashion house, and British jeweler Solange Azagury-Partridge would have paid quite a high price as the label is reportedly valued at £400 million ($650 million) and £550 million ($880 million). The last known owner of the brand was held by TowerBrook Capital, who owned 83% stake in 2007 for £180 million, and Vogue magazine’s editor Tamara Mellon, who held the balance 17% stake> She is said to continue as the as a chief creative officer of the brand.

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Labelux Chief Executive Reinhard Mieck added, “Jimmy Choo is an outstanding brand with enormous growth potential and the ability to deliver material growth synergies across our group.” After being launched by high-profile cobbler Jimmy Choo in 1996, Choo exited off the brand in 2001 when it went under sale for the first time, and it hasn’t looked back since. The brand gained new highs with the help of the characters from “Sex and the City.”

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