German holding JAB which owns U.S. beauty giant Coty Inc., coffee maker Douwe Egberts and part of consumer goods company Reckitt Benckiser, has announced it finalized restructuring plans of its luxury businesses, bringing Jimmy Choo and Belstaff under the direct management of the investment arm of the group.
Reinhard Mieck will step down as CEO, Labelux, JAB said in a memo according to Bloomberg. Labelux, which also owns Zagliani and Bally, “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. 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.
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 IPO.
A statement on the Labelux corporate website reads: ‘In July 2014 the portfolio of iconic luxury brands within the Labelux holding structure were fully integrated into parent group JAB Holdings. JAB management now directly oversee the iconic Jimmy Choo, Bally, Belstaff and Zagliani brands, similar to all other companies in the JAB portfolio.’
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