Luxury shoe designer Jimmy Choo (the man) appears to be out of the running to buy back his namesake label as unknown bidders and two other industry rivals take the shortlist lead.
Mr. Choo hasn’t had any involvement with the company since his falling out with the brand’s co-founder and chief creative officer, Tamara Mellon, in 2001, when he sold his share of the company for £10 million – but he expressed a keen interest when news broke the footwear label was up for sale.
But now, TowerBrook Capital have advanced three new investors – TPG Capital, a consortium of Investcorp and Labelux, and an unknown third bidder – to a second round of bidding, making Choo no longer in the running.
The company is expected to sell for around £400-500 million, which is more than double the £180 million figure the company was acquired for four years ago, reports Elle UK.
All that’s left now is for the highest bidder to reap the fashionable rewards…