Jimmy Choo Management Release

Labelux Group announces the departure of Tamara Mellon OBE and Joshua Schulman from Jimmy Choo following successful transition to Labelux ownership.

Labelux GmbH ("Labelux"), the privately held luxury goods group, today announces that Tamara Mellon, Founder and Chief Creative Officer and Joshua Schulman, Chief Executive Officer, will leave Jimmy Choo in the weeks ahead to pursue independent careers. The departures follow the successful transition of Jimmy Choo to Labelux ownership and management control. Ms Mellon will leave at the end of the month and Mr Schulman will remain for a transition period into the New Year.

The design direction for the brand will continue under the creative directors, Sandra Choi and Simon Holloway. Ms Choi has been with the company since it was founded in 1996 and Mr Holloway joined in 2010.

Jimmy Choo is a world-class luxury brand. Since its inception 15 years ago, Jimmy Choo has grown to become the definitive global women’s luxury footwear brand and has expanded successfully to include a range of complementary product categories including handbags, small leather goods, eyewear, scarves, belts, fragrance and most recently, men’s shoes. Sales have grown in every year of Jimmy Choo’s existence and over the past four years have outperformed the overall luxury goods market by an average of five times. In 2010, the company reported Net Sales of £150m and is currently experiencing double-digit growth across all categories and geographies.

Commenting, Reinhard Mieck, Chief Executive Officer of Labelux, said:

"Jimmy Choo is an outstanding brand with enormous growth potential and the ability to deliver material growth synergies across our group. Tamara and Josh created a world-class, customer-oriented business with great creative and executive depth and leave it strongly positioned to capitalise on the opportunities within Labelux. With a successful transition behind them, we respect their wish to move on to other challenges whilst being proud supporters of Jimmy Choo’s continuing success."

Joshua Schulman, Chief Executive Officer of Jimmy Choo, said:

"After nearly five incredible years, I have decided to move on from Jimmy Choo.   I am enormously proud to have led this exceptional team, together with Tamara, as we have transformed the company into a world class luxury brand across product categories, channels and geographies.   I am confident that with Labelux’ support, the team will achieve great success in the next phase of development."

Labelux, which was established in 2007 with the aim of creating a significant new global player in the expanding luxury goods sector, has built a strong portfolio of brands in luxury fashion, leather, accessories and jewellery. Labelux’s existing portfolio comprises Swiss luxury brand Bally, acquired in 2008, New York-based apparel label Derek Lam, London-based jeweller Solange Azagury-Partridge, Italian accessories brand Zagliani and Belstaff, the English iconic outerwear company.

The size of the global luxury market was estimated to be worth €168 billion in 2010 and is expected to record compound annual growth of 6.2% to reach €201 billion by 2013. The women’s shoes and leather goods segment of the market, in which Jimmy Choo predominantly operates, is expected to grow at a faster rate than the overall luxury market.

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