London—Only five months after her Jimmy Choo brand was bought by Labelux for $811 million, Tamara Mellon, chief creative officer and co-founder of the Jimmy Choo, has left the footwear and accessories company along with Josh Shulman, chief executive officer.
British press reports over the weekend, called Mellon’s departure unexpected. In a blog post Mellow wrote last week, she said, “I am so proud of all we achieved at Jimmy Choo over the last 15 years and know that the best is yet to come…Love Tamara x.”
Mellon, who reportedly received some 85 million pounds from the 525.5 million pound sale of Jimmy Choo, had said she and other top brass would be staying on in consultancy roles and would be shareholders in Labelex’ subsidiary that owns Jimmy Choo.
“However, it is believed some executives, including managers of Labelux, are disgruntled with the state of the company following Jimmy Choo’s ownership by Towerbrook Capital, a private equity firm,” reported The Telegraph.
Signaling a New Direction for Jimmy Choo?
Labelux, the luxurygoods company that owns Bally, won the bid to acquire Jimmy Choo from Towerbrook Capital Partners, which along with its affiliates purchased an 83% stake in the shoe brand for $297 million in 2007.
Mellon, a former accessories editor at British Vogue, started Jimmy Choo with designer Jimmy Choo in 1996 with a $240,000 loan from her father. Their brand gained popularity with celebrities and socialites, most famously getting prominent mention in HBO’s TV hit, “Sex and the City.”
Choo sold his 50% stake in 2001 for 10 million pounds and has little to do with namesake brand since.
But unlike the “less-than-friendly terms” under which Choo left the brand, Mellon and Shulman left on amicable terms with Labelux, the Telegraph reported. The news, of course, has fueled speculation that Mellon plans a new fashion venture as well as that Labelux may be planning a new direction for the Jimmy Choo brand, which has annual sales estimated at 85.3 million pounds.
Responding to tweets about her department, Mellon advised her followers she’ll keep them abreast of any news:
“Just retweeted all of your amazing messages – Thank you all my tweet friends. I will keep you posted!”