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U.S. markets recover from steep losses
NEW YORK, May 22 (UPI) -- Private luxury group Labelux said Sunday it will buy fashion house Jimmy Choo from TowerBrook Capital Partners and other shareholders.
TowerBrook, deciding against earlier plans to take Jimmy Choo public, will sell the high-end shoe, handbag and accessory maker to a "strategic buyer that valued the company at about $800 million," sources wishing to remain anonymous told The New York Times.
"Jimmy Choo has expanded from 60 stores to an international footprint of 120 sites and substantial potential awaits the Jimmy Choo brand, particularly in Asia, where Labelux has a proven track record," Ramez Sousou, co-chief executive of TowerBrook, which bought the company in 2007, told the Times.
Jimmy Choo's founder and chief creative officer, Tamara Mellon, will stay with the company, the newspaper said.
The deal is expected to be finalized in June.
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