JAB Takes Control of Jimmy Choo-Owner Labelux as CEO Steps DownAndrew Roberts
JAB Holdings plans to run its luxury business directly, bringing brands including Jimmy Choo and Belstaff under the management of the investment arm of the billionaire Reimann family.
Reinhard Mieck will step down as head of the business, Labelux, JAB said in an internal memo obtained by Bloomberg News. Labelux, which also owns bagmaker Zagliani and Bally, has completed its restructuring objectives and “is no longer necessary,” the company said.
The new structure reflects JAB’s “increasing commitment to luxury goods as a key pillar in the JAB Holdings portfolio,” Peter Harf, the JAB senior partner who will manage the luxury business, said in the memo.
A spokesperson for JAB didn’t immediately return requests for comment.
Labelux, which bought Jimmy Choo in 2011 for more than 500 million pounds ($855 million), earlier this year held preliminary meetings about a possible sale of a stake of the shoemaker via an initial public offering, a person familiar with the matter said at the time. Such a move would follow luxury-goods makers including Moncler SpA, which sold shares to the public last year.
JAB also named Fabio Fusco partner and chief financial officer of its luxury division. He will oversee JAB Luxury with Harf, according to the memo. The move won’t result in redundancies across the businesses, JAB said.