LONDON — Jimmy Choo owner TowerBrook Capital Partners L.P. has retained Goldman Sachs and Morgan Stanley to explore long-term strategic options for the footwear and accessories business, WWD has learned.
An announcement is expected today.
TowerBrook said the banks would be exploring a broad range of possibilities, including “new strategic initiatives and new partnerships,” as well as new funding through the financial markets. TowerBrook said its aim is to further drive Jimmy Choo’s retail growth and new product development.
“Jimmy Choo is an important investment for TowerBrook,” said Ramez Sousou, the private equity firm’s co-chief executive officer. “We are now initiating a review of the best strategic and financing options for the business to support its long-term development and continued success. We are proud to be associated with this brand and team and remain highly committed shareholders.”
TowerBrook principals will be working alongside Tamara Mellon, the brand’s founder and chief creative officer, and its chief executive officer Joshua Schulman. A source close to TowerBrook stressed that it was still “very early days” and a wide variety of options needed to be explored.
Revenues have more than doubled since TowerBrook purchased the company from Lion Capital in 2007. They are expected to hit 150 million pounds, or $231 million, at current exchange. By the end of this year, the brand will have 111 stores, up from 77 units when TowerBrook made its purchase.