softgrey
flaunt the imperfection
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CHOO SALE
FASHIONISTAS' favourite shoe brand, Jimmy Choo, is up for sale, with an estimated price tag of £100 million. The iconic brand, beloved of celebrities and mere mortals the world over, has appointed NM Rothschild to "explore strategic options", having received a number of unsolicited approaches for the business over the summer, reports the Financial Times. Equinox Luxury Holdings, run by Jimmy Choo chief executive Robert Bensoussan and backed by private equity firm Phoenix Equity Partners, took a 51 per cent stake in Jimmy Choo in November 2001. Tamara Mellon's stake in the company she single-handedly turned into a fashion must-have looks likely to net her around £50 million. Not a bad return on her initial investment of £150,000 eight years ago. NM Rothschild has already sent out an information memorandum to prospective bidders and is having preliminary discussions with several parties. The FT reports that the offers received so far have come from "a mixture of trade and financial buyers both in the UK and from overseas". Elsewhere in the media, unconfirmed rumours are rife that Burberry is poised to snap up the brand. Established in 1996, Choo's sales, boosted by regular and highly-reverent name checks on Sex and the City are expected to hit £40m for 2004. Earlier this year, Mr Bensoussan discussed the group's expansion plans, the aim of which was to double sales over the next three years. The company currently has 22 stores in eight countries including Dubai, the US, the UK, Italy and South Korea. (November 1 2004, AM)
FASHIONISTAS' favourite shoe brand, Jimmy Choo, is up for sale, with an estimated price tag of £100 million. The iconic brand, beloved of celebrities and mere mortals the world over, has appointed NM Rothschild to "explore strategic options", having received a number of unsolicited approaches for the business over the summer, reports the Financial Times. Equinox Luxury Holdings, run by Jimmy Choo chief executive Robert Bensoussan and backed by private equity firm Phoenix Equity Partners, took a 51 per cent stake in Jimmy Choo in November 2001. Tamara Mellon's stake in the company she single-handedly turned into a fashion must-have looks likely to net her around £50 million. Not a bad return on her initial investment of £150,000 eight years ago. NM Rothschild has already sent out an information memorandum to prospective bidders and is having preliminary discussions with several parties. The FT reports that the offers received so far have come from "a mixture of trade and financial buyers both in the UK and from overseas". Elsewhere in the media, unconfirmed rumours are rife that Burberry is poised to snap up the brand. Established in 1996, Choo's sales, boosted by regular and highly-reverent name checks on Sex and the City are expected to hit £40m for 2004. Earlier this year, Mr Bensoussan discussed the group's expansion plans, the aim of which was to double sales over the next three years. The company currently has 22 stores in eight countries including Dubai, the US, the UK, Italy and South Korea. (November 1 2004, AM)
