Choo sale advances sans Jimmy

Shoe designer Jimmy Choo appears to be out of the running to buy back the company that bears his name, with three investors shortlisted to acquire the shoe group.

By ELLE UK and NonePublished: 12 April 2011

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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 biddingand 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 companys value since it was acquired for £180m four years ago.

Choo hasnt 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.

Choos representatives declined to comment.

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