What is Jimmy Choo's Net Worth?
Jimmy Choo is a renowned Malaysian-Chinese fashion designer with a net worth of $75 million. He earned this fortune as the co-founder of the eponymous British luxury fashion house, Jimmy Choo Limited. The company focuses on shoes, handbags, accessories, and fragrances, and has a global presence. Choo's brand is a favorite among celebrities, including Diana, Princess of Wales.
Early Life and Education
Datuk Jimmy Choo, born Jimmy Choo Yeang Keat on November 15, 1948, in George Town, British Malaysia, hails from a Chinese family of shoemakers. His surname was misspelled as 'Choo' on his birth certificate. Taught shoemaking by his father, Choo crafted his first footwear, a pair of slippers, at age 11. From 1982 to 1984, he attended Cordwainers Technical College in Hackney, London.
Career Beginnings
Post-college, Choo stayed in London, working for two design companies over nine years. In 1986, he leased a space in an old hospital to open his own shop. Major events like London Fashion Week and publications such as Vogue quickly noticed his work. An eight-page spread in Vogue magazine propelled him into the spotlight. His fame grew with the support of Diana, Princess of Wales during the early 1990s.
J. Choo Limited
In the early 90s, Choo collaborated with Tamara Mellon, a fashion assistant at Vogue. Mellon suggested launching a luxury ready-to-wear line of shoes. In 1996, they co-founded J. Choo Limited, with Mellon's parents funding a 50% stake in the company. The first store opened on Motcomb Street in London. Choo's fame soared after being mentioned on the HBO series 'Sex and the City,' prompting the opening of stores in New York City and Los Angeles. In early 1999, Mellon's PR agency dyed Jimmy Choos worn by actresses at the Academy Awards, matching their dresses perfectly, garnering more attention.
In 2001, businessman Robert Bensoussan formed Equity Luxury Holdings with David Burns of Phoenix Equity Partners. A new holding company, Yearnoxe, took over J. Choo Limited's European and US operations. Equinox controlled 51% of Yearnoxe, with Mellon and her father holding the remaining 49%. Consequently, Choo sold his stake for £8.8 million and exited the company. Over the years, J. Choo Limited changed hands several times, including acquisitions by Lion Capital, TowerBrook Capital Partners, Gala Capital, and Labelux. In late 2014, the company went public on the London Stock Exchange, until its purchase by Michael Kors Holdings in late 2017.
Jimmy Choo Couture Limited
In 2006, Choo launched Jimmy Choo Couture Limited, a separate venture from the ready-to-wear brand to focus on exclusive, customized shoes. These shoes, sold by appointment only at Connaught Street in London, retained their luxury appeal under a licensing agreement with J. Choo Limited.
Honors and Accolades
Jimmy Choo has received multiple honors for his contributions to fashion. In 2002, he was appointed Officer of the Order of the British Empire for his contributions to the UK fashion industry. The University of the Arts London awarded him an honorary fellowship. In his native Malaysia, he was appointed a Commander of the Order of the Meritorious Service in 2013.
Personal Life
Jimmy Choo is married to Rebecca Choi, who is originally from Hong Kong. The couple has two children: Emily and Danny. Danny is a pop culture blogger and TV personality, known for creating the Smart Doll, a line of customizable vinyl dolls. The family resides in London.
