Global footwear brand phenomenon, Jimmy Choo, have reportedly approached investment banks about “strategic options” for the business. The sale of Jimmy Choo will likely value the brand at £500m.
Established by ex- Vogue Accessories Editor, Tamara Mellon, and Malaysian cobbler Jimmy Choo in 1996, the brand Jimmy Choo, began with a £150,000 loan from Mellon’s father, Tommy Yeardye, co-founder of the Vidal Sassoon hair products empire. Mellon, who still retains a fifth of the company and remains president, opened the first Jimmy Choo boutique in New York, which was quickly followed by a second store in Los Angeles in 1999.
Mrs Mellon, who was recently awarded an OBE in the Queen’s Birthday Honours List for her services to business and charity, has taken less than two decades to turn a small bespoke shoemaker into a major global brand. Today, Jimmy Choo has 100 stores in 32 countries, has successfully expanded into handbags and eyewear and retains a loyal celebrity following, helped along by the likes of Sex and the City.
TowerBrook, Jimmy Choos private equity group, and Tamara Mellon have both declined to comment.