JC has a new CEO...and some expansion plans

  1. The Daily Telegraph (LONDON)
    April 16, 2007

    Schulman to be new chief at Jimmy Choo

    BYLINE: Harry Wallop

    TAMARA MELLON, the co-founder of the shoe maker Jimmy Choo, has appointed a new chief executive as she gears up the company to become a bigger force in the luxury goods industry.

    Joshua Schulman, who will run the company on a day-to-day basis, is well known within the industry, having had senior positions with Yves Saint Laurent, Gucci and, most recently, Kenneth Cole. His arrival follows a change of ownership at Jimmy Choo this year.

    The pounds 185m deal saw Towerbrook (which numbers George Soros as an investor) take a majority stake in the company. The new owners have promised Mrs Mellon, who has kept a significant shareholding and is the president of Jimmy Choo, that they will transform the company into a pounds 1bn business within five years.

    This will involve it branching out from the famous stilettos that led to the company becoming a regular in the fashion pages as well as a favourite of Hollywood celebrities.

    Already it has launched a range of bags and has plans to launch a Jimmy Choo eau de toilette.

    The plan is also to expand abroad, with the company rolling out stores across Asia.

    Mr Schulman replaces Robert Bensoussan, who has a small shareholding in the business, and has been chief executive since 2001. Though it is understood that Mr Bensoussan and Mrs Mellon did not always agree on strategy, his departure is amicable and he is leaving to work on other luxury goods projects with Towerbrook.

    Women's Wear Daily (WWD)
    April 13, 2007


    BYLINE: Miles Socha

    PARIS - Joshua Schulman is about to change shoes.

    According to market sources, the Kenneth Cole executive will soon move into a top post at Jimmy Choo, the fast-growing luxury firm famous for its vertiginous heels and status handbags.

    Jimmy Choo officials could not be reached for comment on Thursday. A Kenneth Cole spokesman had not responded to a request for comment by press time.

    Schulman joined Cole last October as president of the Kenneth Cole New York brand, and was recently given additional responsibilities for the management of the full-priced retail division.

    Schulman's move to Choo will reunite him with Andrew Rolfe, his former Gap International colleague. Rolfe resigned as president of Gap Inc.'s international division in February 2006 to become a management partner at TowerBrook Capital Partners LP, the private equity firm that acquired a majority stake in Choo last February. Rolfe is board director of the Jimmy Choo Group Ltd., according to the company.

    Before joining Cole, Schulman was managing director of international strategic alliances for Gap Inc. and senior vice president for international product development for the Gap brand. Prior to that, he worked at Gucci Group as executive vice president of worldwide merchandising and wholesale for Yves Saint Laurent. His rsum includes stints at Gucci and Richard Tyler Couture.

    Choo has said future growth hinges on international expansion and product categories beyond footwear, handbags and small leather goods. Among the new lines in the works by president, founder and creative director Tamara Mellon are lingerie, swimwear, fragrance and sunglasses.

    Robert Bensoussan, who has been Choo's chief executive since 2001 and remains a shareholder, has said there are plans to build a portfolio of luxury brands. He was vacationing and could not be reached for comment Thursday.
  2. I guess there will be a clothing line too.
  3. Sometimes expansion can be negative :confused1:

    It'll be interesting to see how this plays out :shrugs:
  4. ^^^^ ITA - when new lines are expanded and developed they can tend to forget the lines that made their name in the first place.
  5. Thanks for sharing, Cosmo. =)
  6. I am excited. There have been talks of opening one in Scottsdale. I could definitely see it doing well.
  7. Maybe this will be a good thing? Perhaps Jimmy Choo will offer a few more bag styles like the Prada line?