Towerbrook takes majority stake in Jimmy Choo

TowerBrook Capital Partners acquired a majority interest in Jimmy Choo from Lion Capital in February 2007, alongside Gala Capital and a reinvesting management team, at an enterprise value of £100–350M. The multiple represented 2x–6x on the sales reported at announcement and above ten times the operating profit for that year. Jimmy Choo designs and sells luxury women’s footwear, principally evening and occasion shoes, alongside handbags, small leather goods and eyewear licensed to Safilo. Manufactured in Italy, its products are distributed through its own boutiques and through department and specialty stores across Europe, North America and Asia. Joshua Schulman joined as chief executive, Tamara Mellon remained as president and Sandra Choi, creative director since the foundation, continued in that role. The valuation represented a substantial advance on the 101 million pounds at which Lion Capital had acquired its majority holding twenty-seven months earlier, the brand having opened its first Paris boutique in 2005, signed distribution arrangements for India and Japan in 2006 and licensed eyewear to Safilo in the same year. Development was directed at the retail network, which reached 115 locations across 32 countries by 2010, and at extending the range beyond footwear into handbags, small leather goods and licensed categories. The company passed to Labelux in 2011 and listed in London in 2014.

In the past, Jimmy Choo was acquired by Lion Capital in 2004 as part of its expansion strategy.