23 May '11, 12am

High-end shoe company Jimmy Choo is sold for S$1 billion

LONDON - Labelux, a privately-held luxury group, said yesterday it had agreed to acquire the high-end shoe and accessories company Jimmy Choo from TowerBrook Capital Partners, a private equity firm, and minority shareholders for an undisclosed sum. TowerBrook has also considered a £650-million Hong Kong listing for Jimmy Choo, but opted to sell the firm to a strategic buyer that valued the company at about £500 million, or S$1 billion, two people with direct knowledge of the matter said, declining to elaborate or be identified because they were not authorised to discuss the matter. "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," said Mr Ramez Sousou, co-chief executive of TowerBrook, which bought the company in 2007 for £...

Full article: http://www.todayonline.com/Business/EDC110523-0000356/Jim...

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