JIMMY CHOO PLANS BUYING BACK INTO LUXURY SHOE BRAND

MELBOURNE, March 30 (Bernama) -- Luxury shoe designer Jimmy Choo is ready to
buy back 50 per cent of the famed shoe brand that made him a household name.

In 2001, Choo sold his half of the company and current owner British
investment firm TowerBrook Capital Partners purchased it in 2007 for a rumoured
$US284 million ($275.9 million)

TowerBrook is now looking to sell its Jimmy Choo stake.

The remaining half is owned by former British Vogue accessories editor and
chief creative officer Tamara Mellon, who has expanded the brand into 110 stores
worldwide, up from 77 when TowerBrook made its purchase.

A fragrance and men's shoe collection were added as Mellon took Jimmy
Choo from being just another luxury shoe brand and into a wider luxury-goods
sphere.

Mellon said she was also looking to add clothing, jewellery and homeware
to the line.

In the three years that TowerBrook has owned half of Jimmy Choo, revenue
reportedly more than doubled to &8356;150m ($233.3m).

TowerBrook announced in September 2010 that it had gained the services of
international banks Goldman Sachs and Morgan Stanley to consider long-term
strategic alternatives for Jimmy Choo.

Ramez Sousou, the British firm's co-chief executive officer said in a press
release announcing their intentions to sell:"Jimmy Choo is an important
investment for TowerBrook. Jimmy Choo has continued to evolve as a successful,
innovative and high-value business, delivering record revenue growth and
profitability while preserving its pristine brand equity.

"We are now initiating a review of the best strategic and financing options
for the business to support its long-term development and continued success."

The asking price for TowerBrook's holding is rumoured to be &8356;500m.

When Choo sold his 50 per cent of the company, it was said that he had
walked away from the business to work on other projects.

But with an armful of new designs, ideas and wanting to conquer the
lucrative Asian market, and Australia, Choo approached London broking firm,
Daniel Stewart, to help on a bid to buy back the company he co-founded 15 years
ago.

Adam Wilson, a major shareholder and partner of Daniel Stewart, based
in Dubai, handling international operations, is currently working on the bid and
looking at potential investors.

“I have known Jimmy for about 10 years. He designed my wife’s wedding shoes
and I met him after he sold his half of the brand,” Mr Wilson told The
Australian.

“He has been teaching and promoting in Malaysia and I did ask him a few
times if he wanted to get back into the business.

“I approached him when I heard that TowerBrook was looking to sell. Jimmy
had a think about it, seeing it was a big step, but I think the time frame
helped his decision,” he added.

Wilson wouldn’t say which investors he had met or the number of
investors they were looking for.

Luxury goods house LVMH is expected to put in a bid, as will European
private equity firm Permira, which now owns Valentino.

While brand expansion and having a stronger presence in Asia are priorities,
Choo is looking to continue working with young designers and sharing his
passion for shoe design.

Choo recently met with Malaysian Prime Minister Datuk Seri Najib Tun Razak,
who has supported the bid, having been made aware of Choo's plans for the Asian
market should he succeed in buying back his half of the eponymous luxury shoe
brand.