When the private equity group behind Jimmy Choo
(the label) announced that it was exploring a possible sale of the luxury company, Jimmy Choo (the designer) declared his interest.
But now, TowerBrook Capital is understood to have invited a shortlist of three investors to advance to a second round of bidding—and Choo is out.
The Financial Times reported that TPG Capital, a consortium of Investcorp and Labelux, and an unknown third bidder have all moved forward in the sale. LVMH has also been mentioned as a potential buyer.
TowerBrook expects to sell Jimmy Choo for £400-500m, representing a doubling of the company’s value since it was acquired for £180m four years ago.
Choo hasn’t had a hand in the shoe company that bears his name since selling his stake for £10m in 2001.
He retained investment advisors to explore the prospect of an acquisition, even attracting the support of the Malaysian government and other Asian investors for a tilt at the company.
Choo’s representatives declined to comment.