Labelux is said to have paid more than 500 million pounds ($811 million) for Choo. The brand was originally valued at 549 million pounds ($889.4 million), and had net sales of 150 million pounds in 2010.
The current Jimmy Choo management team, including CEO Joshua Schulman and chief creative officer Tamara Mellon, a co-founder of the company, will remain in place. Mellon, who retains a 17 percent stake in the brand, is understood to have made tens of millions of pounds from the deal, and she and Schulman are expected to make an investment alongside Labelux.
“Jimmy Choo is a perfect fit for us, and we see ourselves as long-term strategic investors,” said Reinhard Mieck, CEO of Labelux. “Joshua, Tamara and the management are going to need to deal with us for a very long time. We are thinking about strategies today that will take us beyond this generation to the one after that."
Labelux plans to increase Jimmy Choo's brand presence in China, as well as in men's shoes and handbags.