Labelux to buy Jimmy Choo

Labelux, the European luxury goods group, is thought to be initiating a sale to buy Jimmy

Choo for a price believed to be in the region of £550m.
Labelux, whose other investments include retailer Bally and designer Derek Lam's ready-to-wear business, was founded by Austria's Benckiser family, which also owns a 15pc stake in Reckitt Benckiser and perfume maker Coty.

The deal, which is expected to be announced as early as this week, will be the fourth time the business has been sold in the 15 years since it was founded, and will see Ms Mellon roll forward her equity stake in the company and retain her role as chief creative officer. The expected price is almost three times the amount owner TowerBrook paid for the business four years ago.