Jimmy Choo wants to buy back shoe chain he co-founded 15yrs ago

March 20th, 2011 - 1:59 pm ICT by ANI  

Kuala Lumpur, Mar 20 (ANI): Datuk Jimmy Choo wants to buy back the eponymous shoe chain he co-founded more than a decade ago.

The London-based Malaysian-born designer, whose haute couture shoes are coveted by royalty and many world famous women, has hired London-listed broking firm Daniel Stewart to advise him on a 500-million-pounds bid to buy back the brand, reports the Star Online.The current owner, TowerBrook Capital Partners, recently announced its intention to sell the acclaimed Jimmy Choo fashion brand and hired investment banks Goldman Sachs Group Inc and Morgan Stanley to find a buyer.In 2001, Choo sold his 50 percent stake to his business partner, British Vogue accessories editor Tamara Mellon. Her company now sells the high-end Jimmy Choo fashion footwear worldwide.After his brand was sold, he started producing custom-made shoes from his shop in Connaught Street, London.Adam Wilson, major shareholder and chief executive of Daniel Stewart, recently confirmed that his broking firm was interested in the bid to buy back the brand.He is now building a syndicate to raise capital for the bid and has seen interested parties who are very keen on funding the brand for Choo.”Jimmy Choo is a world leading luxury goods brand and it is no surprise that Asian investors want to gain exposure to its unique space within the luxury goods market,” said Wilson, who was recently in Kuala Lumpur.”It would be great for Malaysia to invest in its own world renowned icon,” said Wilson.Choo had made the christening shoes for their daughter some seven years ago.”Yes, Adam is acting on my behalf to buy back the brand,” Choo told the website in a phone interview.This is the first time Choo and Wilson have commented publicly on their bid to the press.Choo is believed to be seeking legal advice from Matrix, the law firm owned by Cherie Blair, wife of former British Prime Minister Tony Blair.Choo, however, is expected to face stiff competition for the business, as some 10 bidders have expressed interest in acquiring the brand, including Moet Hennessy Louis Vuitton SA (LVMH). (ANI)

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