Whoa, could Jimmy Choo actually be returning to Jimmy Choo? The footwear and accessories label is reportedly looking to be acquired or to go public and Choo is apparently throwing his hat in the ring. WWD reported that Choo has hired Daniel Stewart, the London-based investment bank and corporate advisory firm for the purpose of trying to participate in the process as his eponymous label goes under "strategic review" by their current owner, TowerBrook.
The two currently in charge are Tamara Mellon, the brand’s chief creative officer and a substantial shareholder in the business, and chief executive officer Joshua Schulman. Mellon founded the label in 1996 with Choo, whose high-brow British clientele included Princess Diana. But Choo split with the label in 2001 on terms WWD described as "acrimonious" and has had little contact with the company since. Choo has been making shoes since then in London for private clients, as well as serving as an ambassador for organizations including the British Council and the University of the Arts London.
So was ten years long enough to make the wounds heal? Does Choo even have a place in the company he started that still bears his name? An industry source said its unlikely, that Mellon would be a tough obstacle to get through. “Would TowerBrook sell against Mellon and Schulman? Would Mellon ever accept a Jimmy Choo owned by Mr. Jimmy Choo?” the source said. Mellon herself doesn't seem to be going anywhere, having just launched the first Jimmy Choo fragrance, (the ads of which she appears in personally). She has also said that clothing, jewelry and home furnishings are all possibilities on her To Do list.
And whatever Mellon is doing, she's doing it well since revenues at Jimmy Choo have more than doubled since TowerBrook purchased the company in 2007 to $242 million at current exchange. The brand has 111 stores, up from 77 units when TowerBrook made its purchase. If Choo were to walk back in at this point, it would seem suspiciously convenient timing, wouldn't you say?
Article Source: WWD
Photo Source: NY Mag, voteto.ca, frillr.comSee the Top Ten Summer 2016 Trends for Women Over 40
Tags: acquired, acrimonious, Alia Rajput, bank, clothes, company, designers, footwear, Fragrance, home, industry, investment, jewelry, Jimmy Choo, Joshua Schulman, label, name, private, public, purchase, revenues, shoes, split, Tamara Mellon