Luxury footwear and accessories label Jimmy Choo has taken control of its Hong Kong operations.
The label, which was acquired by Swiss luxury goods group Labelux in May, bought out Bluebell, its Hong Kong joint venture partner for an undisclosed sum, gaining control of its five Hong Kong stores plus retail concessions in luxury department stores.
“Hong Kong is an important market for Jimmy Choo, and a critical base for our developing Asian markets,” said Joshua Schulman, chief executive of the brand. “Having our own subsidiary in Hong Kong will allow us to further develop the brand and our business and become closer to our customers in the region.”
Jimmy Choo Hong Kong will be managed by Wannie Suen and a regional headquarters for Asia has also been opened in Causeway Bay, Hong Kong to manage a network of 27 Jimmy Choo stores in Asian and Australasian markets including China, Singapore, and Australia.
Jimmy Choo said it would continue to work with Bluebell Hong Kong as a provider of support services to its local businesses and Bluebell will remain Jimmy Choo’s distributor in Taiwan and the fragrance distribution partner for Japan.
Last month Jimmy Choo was sold to the luxury firm Labelux Group in a deal valued at £549m. Labelux, which owns brands including Swiss luxury accessories label Bally, US clothing label Derek Lam, and Italian accessories brand Zagliani, bought the business from private equity backers TowerBrook for three times more than what they paid for it in 2007.
Jimmy Choo was founded by the eponymous cobbler and Mellon in 1996 with a £150,000 loan.