LVMH is owned by France’s richest man Bernard Arnault, and the group is on the acquisition trail. It announced the £3.2 billion takeover of Italian luxurymaker Bvlgari last week, and it has also amassed a 20% stake in luxury goods house Hermes. Now, LVMH is interested in Jimmy Choo?!
Mr Choo launched the business in 1996 with Tamara Mellon and a £150,000 loan from her father Tommy Yeardye, who co-founded the Vidal Sassoon hairdressing chain. Ms Mellon still holds a 15% stake in the company, but Mr Choo sold his 50% share in 2001 to Equinox Luxury Holdings for £10 million. TowerBrook acquired the business in 2007 for £190 million.The group, which now has more than 100 stores in 32 countries, makes shoes which sell for up to £1,800, as well as handbags and accessories.
LVMH’s portfolio includes more than 60 luxury brands, including Louis Vuitton, Moët et Chandon, TAG Heuer, Christian Dior, Fendi and Céline. LVMH is reportedly considering a bid on the shoe brand, which kicked off its sale at the beginning of this month to the interest of more than 10 potential bidders — and is expected to go for between £400 million and £500 million (approx. $644 million and $805 million). [BornRich]