Tamara Mellon sells ‘Jimmy Choo’ for £550m

London: Tamara Mellon, co-founder of ‘Jimmy Choo’ has reportedly sold the fashion shoe house to Labelux, a German luxury goods group, for around 550 million pounds.

According to The Sunday Telegraph, Labelux, whose other investments include retailer Bally, could announce that it has bought the shoemaker this week, reports The Daily Mail.

The fashion house had been sold four times after 15 years of its conception. The rumored price is almost three times the amount owner TowerBrook paid for the business four years ago.

The deal would see Mellon roll forward her 15 percent equity stake in the company and retain her role as chief creative officer.

The group, which now has more than 100 stores in 32 countries, makes shoes which sell for up to 1,800 pounds, as well as handbags and accessories.

Malaysian designer Jimmy Choo had launched the business in 1996 with Mellon. But Choo had sold his interest in 2001 when private equity firm Phoenix Equity Partners invested roughly 9 million pounds in the business.