Jimmy Choo sells off their Jimmy Choos

Jimmy Choo the high end shoe brand has been purchased by Labelux a German luxury goods company from TowerBrook Capital Partners a private equity group, at the estimated price of £500m and that would amount to close to three times the amount TowerBrook paid in 2007 not bad for a time when the general feeling is more about surviving than expanding.

Reimanns, a billionaire German family, backs Labelux and their interest in purchasing the shoe brand shows just how well the luxury goods market maintained itself in this economic malaise.

The expensive watches and designer handbag market demand may have decreased for a couple of years but the outlook is for a spectacular performance in the next year with worldwide sales expected to hit a record high of £160bn in 2011 spurred on from the demand from China, the growth in spending from tourists in Europe, the recovery in the US and Russia’s resurgent growth.

Co-founder of Jimmy Choo’s, Tamara Mellon will remain as chief creative officer and the face behind the brand. She says it is wonderful for women that want to aspire to be a part of the lifestyle of Jimmy Choo. She is happy however things go with her recent stake of 17% being valued at £85m.

This marks the fourth time since 1996 the brand has changed hands and last year was named Britain’s most desirable. TowerBrook purchases it in 2007and can take lots of credit for turning the brand into a global brand and broadening its range to include jewelry, perfume and handbags. There are 120 stores worldwide and the thought is there will be additional growth with the backing of Labelux with sales up over 10% this year.