Austrian based LABELUX Group, owner of Swiss leatherwear company BALLY has announced the purchase of JIMMY CHOO for an alleged US$ 890 million. 

The rumoured price is almost three times the amount owner of Jimmy Choo, TowerBrook investment fund paid for the business four years ago. The deal will see Ms Mellon roll forward her 15% equity stake in the company and retain her role as chief creative officer.

The other final-round bidder, private equity firm TPG, is understood to have fallen out of the race after its bid valued the group below US$700 million.

Jimmy Choo has more than 100 stores in 32 countries, makes shoes which sell for up to US$ 3.000, as well as handbags, accessories and eyewear.  Malaysian designer Jimmy 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.Mr Choo sold his interest in 2001 when private equity firm Phoenix Equity Partners.