Tamara Mellon and CEO Joshua Shulman leave JIMMY CHOO
In a surprise move, following the acquisition of Jimmy Choo earlier this year by Austrian based group Labelux which also controls Bally, Joshua Shulman, CEO of Jimmy Choo and Chief Creative Office Tamara Mellon, who also co-founded Jimmy Choo are to leave the company from the beginning of next year.
It is understood Ms Mellon and Mr Schulman are leaving on amicable terms with Labelux, which is backed by the wealthy German family, Reimann. 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. Labelux paid GBP 500 million to TowerBrook for a 100% stake in Jimmy Choo.
The departure of the two will undoubtedly have a negative impact on Jimmy Choo, Mellon practically indentifying herself with the brand she created 15 years ago. Together with Schulman, Mellon has brought the company to staggering success, not only diversifying into men’s shoes but also into sunglasses, fragrances and ready to wear. Both have been considered by many as the Ambassadors of the Jimmy Choo brand.
It remains to be seen how Labelux, a young company only set up two years ago, will be able to balance two very different brands, at difficult times for both – Bally has been struggling for more than half a decade due to lack of an attractive creative direction and now, Jimmy Choo without its founder Tamara Mellon.