Jimmy Choo co-founder Tamara Melon raised $ 50 million to develop her own brand
Luxury brand Jimmy Choo has attracted $ 50 million of investments that will expand the market. Co-founder of Jimmy Choo Tamara Melon intends to direct the funds received to the development of innovations in production, retail development and strengthening the brand’s position in the luxury shoe market. By the end of the year, the company also plans to increase its staff from 40 to 60 people, writes Worldfootwear.com.
The investor in the project is London-based investment firm Centricus, which includes investment companies such as New Enterprise Associates and Quadrille Capital. In addition to the specified financing, the brand has already raised $ 87 million.
Tamara Melon founded Jimmy Choo in 2011, but four years later the brand went bankrupt. A year later, it was restarted, for the development of Jimmy Choo, a direct-to-consumer strategy was chosen (direct sales to the consumer). In 2018, the brand registered strong growth, its annual sales increased by 136%, of which 36% accounted for sales to regular customers.
In October 2018, Jimmy Choo sold shoes for a record $ 1 million. The brand’s online sales grew by almost 80%. To replenish the Jimmy Choo product portfolio since the beginning of 2019, Tamara Melon introduced two new product categories - handbags and sneakers.
This year, Jimmy Choo also opened the first store in Los Angeles, with the goal of rethinking the approach to providing service in luxury retail.
Luxury brand Jimmy Choo has attracted $ 50 million of investments that will expand the market. Co-founder of Jimmy Choo Tamara Melon intends to channel the funds received to develop ...
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