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Tuesday, 8 October 2013

Real Tamara Mellon

It’s been 14 years since Tamara Mellon, then an accessories editor at British Vogue, first partnered with a bespoke London shoemaker named Jimmy Choo in what would prove to become a watershed moment in the history of footwear, transforming every woman’s love affair with expensive stilettos into the creation of a global empire. Since then, the Jimmy Choo brand has gone on to infiltrate popular culture on a mass scale, becoming synonymous with a kind of feminine luxury lifestyle that Mellon herself—strong, smart, independent, and glamorously larger than life—has come to personify.
Mellon’s business savvy is well-documented: She was among the first to bring designer shoes to the red carpet at a time when dressing celebrities was still a new concept, and she set up camp in a hotel room before the 1999 Oscars for fittings. In 2001, Choo sold his 51 percent stake in the business.
Nevertheless, demand for the shoes only increased. Over the last several years, Mellon has driven not only the growth of the brand, overseeing collaborations with H&M, Hunter, and Ugg, among others, but also its creative development, and took an active role in the design aspects of Jimmy Choo’s shoe and accessory lines, as well as forays into new areas, including the launch of a fragrance.

From an East End cobblers to world domination: Jimmy Choo celebrates 15 years at the top with glossy new book

As one of the most renowned names in accessory design, there's barely a corner of the earth ignorant to the allure of Jimmy Choo. 
And this year, as the firm celebrates 15 years at the top of its game, the firm is set to publish a glossy coffee table book charting the journey to success.
Jimmy Choo XV, released to coincide with the firm's anniversary, goes back to the brand's roots to tell the story of Jimmy Choo's propulsion from the workshop of a niche cobbler to world domination, taking in all glitz and glamour on the way.

'Once upon a time there was a shoemaker working in the East End of London,' goes the foreword, penned by Colin McDowell. 
'In the West End of London was a beautiful and clever young woman who specializes in accessories - and especially shoes - in her work for a very famous and glamorous magazine.
The shoemaker was Jimmy Choo; the beautiful and clever young woman is Tamara Mellon; the magazine, British Vogue. The rest is, as they say, history.'
Jimmy Choo CEO Tamara Mellon OBE writes colorfully in the preface of her love for the brand she nurtured after purchasing the business from talented cobbler Choo. 
'My ambition for Jimmy Choo when I created this company was always to capture the hearts of women around the world and build it into an enduring world-class luxury brand that would inspire women everywhere,' she says.

When I think of the icons that have inspired me throughout my life, they are often women. Powerful, glamorous, confident women,' she says. 
'Cinematic and music icons such as Catherine Deneuve, Anouk Aimée, and Debbie Harry are among the many muses I have in my imagination when I am creating my collections for Jimmy Choo. 
'These iconic beauties hold an allure that is as much about their external style as their innate sense of self-confidence.
'I look to modern icons as well, and in business, I think of iconic women such as Michelle Obama, Diane von Furstenberg, Tory Burch, and Natalie Massenet, whose ingenuity, cleverness, and sense of humor set them apart as role models for me and for my daughter’s generation.
The icons that I set out to highlight in this book take their cue from the women that inspire me in my life, but they are the shoes themselves.
'Around the office, we refer to the shoe styles as ‘She,’ endowing them with a personality, life, and a story all their own. "Glenys" is attending an art opening before she hops the Eurostar back to London. "Macy" is headed into hair and makeup before she hits the step and repeat.
'"Fleur" has a board meeting this morning followed by lunch with her banker. Amongst the thousands of shoes that have been created, each has her own story. When they are launched into the world, the women that wear the shoes add their own stories.

Monday, 7 October 2013

Jimmy Choo sold to Labelux for £500 million


"Tamara Mellon, whose 17% stake in Jimmy Choo was recently valued at £85m. Photograph: Richard Young/Rex Features"

Its killer heels are de rigueur for Hollywood actresses on the red carpet - and this weekend luxury shoe brand Jimmy Choo was sold for an A-list price tag of £500m.
The business founded by the eponymous Hackney cobbler and former It girl Tamara Mellon is being gobbled up by Labelux, the luxury goods group backed by Germany's billionaire Reimann family, for nearly three times the sum paid by its private equity owners four years ago.
Mellon said the deal was "wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle".
It is also good news for the stiletto queen's bank balance. The sale will deliver a multimillion-pound pay day for the recently appointed government trade envoy who owns a 17% stake recently valued at £85m.
The entrepreneur started the company with Choo in 1996 with a £150,000 loan from her late father Tommy Yeardye who co-founded the Vidal Sassoon hair products empire. Choo sold his interest in the company that bears his name in 2001 but Mellon stayed aboard and her personal fortune is today put at £150m.
The deal marks the fourth time Jimmy Choo, whose shoes cost up to £1,000 a pair, has been sold in 15 years. It was acquired by TowerBrook Capital Partners for £185m in 2007 and under its ownership has expanded overseas and broadened its appeal beyond killer heels to include trainers - albeit leopard print and patent - as well as handbags, jewellery and perfume. It has also doubled the number of stores around the world to 120. Last year sales hit £150m and the company said sales were currently up more than 10% as it rode the boom in demand for luxury from Asia, especially China.
The glamorous Mellon, who is as famous for her rock and roll lifestyle as her business acumen, remains the face of the brand and will continue as creative director alongside chief executive Joshua Schulman who also stays on once the sale process is completed. Both are reinvesting in the business. With a flair for marketing Mellon once said every woman should have "a great open-toed platform shoe in a pale gold fabric, a chic wedge for any on-grass event, and a perfect flat shoe in a neutral colour for every day".
Last year she was photographed wearing only a strategically placed cat and a pair of her stilettos. She has had a string of famous boyfriends including Christian Slater and Kid Rock.
Jimmy Choo's rocketing value reflects the strength of the luxury goods industry. After a two-year hiatus caused by the financial crisis, global demand for designer handbags, watches and champagne is expected to roar to new highs this year. Last year global luxury goods sales recovered to pre-financial crisis levels and are expected to hit a record €185bn (£160bn) in 2011.
The Reimann family may not be a household name in the UK but their substantial fortune is derived from a consumer goods empire whose less rarefied products include Mr Sheen and Windolene. Labelux's other investments include Swiss luxury brand Bally and the Derek Lam fashionlabel. Its chief executive Reinhard Mieck said it saw "substantial potential" for the brand, particularly in Asia: "Jimmy Choo is an outstanding brand with enormous growth potential."

Jimmy Choo at H&M

Starting in November, select H&M stores will feature shoes that can claim parentage from the acclaimed British accessory line Jimmy Choo. H&M has been famous for snagging killer partnerships with designers such as Comme des Garcons, Stella McCartney, Karl Lagerfeld and Roberto Cavalli.
Jimmy Choo's collection of women's and men's footwear and accessories will launch in about 200 H&M stores worldwide on Nov. 14. Products will include some stilt-like shoes reminiscent of those that became objects of affection after many mentions on the TV show and movie "Sex and the City." There will also be handbags and a small evening wear line.
H&M plans to produce about a dozen shoe models for women and four models for men." Prices for most shoes will be pegged between 40 euros, or $55 at current exchange rates, and 100 euros, or $138, while the price range of the bags will be wider, reaching 200 euros, or $276, for some models," according to a report in Women's Wear Daily.
Retail prices for the Jimmy Choo line start at $175, but that's for a jelly thong or flip-flop.
The most expensive items top out near $2,500 for exotic-skin boots. Most items are about $600. The Jimmy Choo people sought to make it clear that this is not an attempt to launch a modest-priced line permanently. They just want to offer something to the boys and girls who dreams of owning something authentic from the brand without taking out a second mortgage on the house.

Debra Bass, McClatchy/Tribune news ( 23 August, 2009).  Retrieved from: http://articles.chicagotribune.com/2009-08-23/features/0908200258_1_jimmy-choo-h-m-stores-shoes

Questions for Dato' Seri Nazir Tun Razak to answer

"CIMB Group has had a presence in Singapore since 2005......... The Group has built strong credibility through its investment banking and capital markets-related offerings. In 2008, CIMB Securities (Singapore) were ranked as No. 1 Mergers & Acquisitions (M&A) advisor by value and number of deals in the Mid Market segment, as well as No. 1 M&A advisor in Asia (ex-Japan) by number of deals." ~ CIMB website

What Dato' Seri Nazir and his team have achieved in Singapore is something that all Malaysians can take pride in. To be able to capture the top rank in any area related to finance and investments in one of the largest financial capitals of the world, and that too in the space of just a few years, is a feat that deserves admiration and applause.

But, there is at least one question that must be put to Dato Seri Nazir and his team.


In that same year, CIMB in Malaysia paid RM 3.393 million in fees in PricewaterhouseCoopers Malaysia for  Non-Audit Services, and a further 4.644 million Ringgit to member firms of PwC International for the same, while the fees paid for the statutory audit to PwC was only RM 2.84 million and 3.04 million Ringgit respectively.


That would not have been allowed in Singapore now, would it?

















Will CIMB in Singapore, or any of its divisions been able to achieve any accolades if it had been found to use the services of an auditor like PwC in Malaysia, whose very registration under the oversight board is an enigma that remains unanswered to this day?


But why then does CIMB Malaysia allow all this? Does the fact that Malaysia is separated from Singapore by that trickle of a strait, mean that we can get away with standards which are miles below what is allowed in that Island Nation that was once a part of this country?

Should not the elder brother lead by example? So why then is Singapore, a nation that is younger that ours, leaving us behind in something as fundamental as corporate governance standards?

But for an entity like CIMB, which has a presence on both sides of the Tebrau Strait, to employ widely differing standards in something as important as auditor independence, just because the rules on the southern side of the Straits are closer to the norm amongst developed nations, is an affront to the aspirations of Malaysia to become a developed nation in less than a decade.