In a recent interview to Italian media, Reinhard Mieck, CEO of Labelux Group said his company is open to possible future acquisitions, especially companies with a strong business growth potential. Labelux Group is owned by German giant Benckiser, a family business, which also owns second largest fragrances producer COTY.
Labelux was set up early 2008, the first acquisition being British based Solange, followed by Bally and Derek Lam, later the same year, then Zagliani in 2009 and recently, this year, Belstaff and Jimmy Choo.
The group’s turnover is now estimated at over 1 billion euros, however, in size, much smaller than other luxury groups such as PPR or Richemont. MIeck insists his company does not have a ”group philosophy” and is not looking to copy the model of other groups. To illustrate, he said ”While PPR and LVMH feel as more French, we are much more international. We have headquarters in Milan and New York, and I am a German, based in London”.
Of all companies within the group, the recently acquired Jimmy Choo is likely to represent a bigger challenge than the rest, especially given the departure of Jimmy Choo founder Tamara Mellon, which has announced she will set up her own brand, initially fashion, then ready to wear. Similar group acquisitions which performance has decreased significantly with the exit of the company founder / designer – Kenzo (LVMH), Valentino (Permira), Yves Saint Laurent (PPR).
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