Fashion guru sells stake in business
Jimmy Choo has sold his stake in the fashion business he founded.
Equinox Luxury Holdings, backed by Phoenix Equity Partners and former Christian Lacroix boss Robert Bensoussan, has bought Mr Choo's 50% stake.
The deal, details of which are undisclosed, is understood to value the group at around £21m.
The London-based business is best known for exclusive shoes and bags, and clients include Jennifer Lopez and Nicole Kidman.
Equinox plans to expand the business by introducing new product lines and increasing the number of shops from four to 25 over the next five years. It also plans to double the wholesale business.
Mr Bensoussan, chairman and chief executive of Equinox, will became chief executive of Jimmy Choo.
President Tamara Mellon, who bought into the company five years ago, says: "In Equinox, I have found the ideal partners to share my vision for the development of Jimmy Choo.
"I am very excited about the company's prospects, and this transaction will enable us to achieve our development goals even more rapidly."
Mr Choo is to concentrate on his own couture line and will have no links with the company bearing his name.
Commenting on today's deal, he says: "I am delighted at these new developments as I have a tremendous amount of respect for Robert."
