NEW YORK (TheStreet) -- Privately held Labelux has purchased luxury shoe and accessories retailer Jimmy Choo from TowerBrook Capital Partners.
news release announcing the deal
did not disclose financial terms, but the
last month reported that suitors had submitted bids in excess than 500 million pounds, or about $814 million. Other potential acquirers reportedly included
The deal is expected to close at the end of June and has the blessing of Jimmy Choo's senior management team, including company co-founder and chief creative officer Tamara Mellon, and CEO Joshua Schulman. Both will retain their existing roles following the acquisition.
Originally known for its high-end, handmade women's shoes, Jimmy Choo Ltd. was founded by Mellon and Jimmy Choo in 1996. Choo sold his 50% stake 10 years ago but now produces a high-end couture line under license from the company.
Private equity firm TowerBrook acquired the company in 2007.
Jimmy Choo Ltd. has seen rapid growth and expanded into other product categories including handbags and men's shoes.
Germany's Labelux was established in 2007 and has acquired a group of luxury brands including Bally, clothes label Derek Lam and jeweler Solange Azagury-Partridge.
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This article was written by a staff member of TheStreet.