Tamara Mellon to quit Jimmy Choo
Tamara Mellon is poised to quit as the head of Jimmy Choo, the luxury shoe brand she founded 15 years ago.
Joshua Schulman, current chief executive of Jimmy Choo, will also depart from the company, banking sources said.
Ms Mellon's exit from Jimmy Choo will bring to an end the entrepreneur's relationship with the brand that she set up with Mr Choo, a Malaysian-born cobbler from Hackney in east London.
The high-level personnel changes at Jimmy Choo come five months after the business was acquired for over £500m by Labelux, the European private luxury group that owns Bally.
It is understood Ms Mellon and Mr Schulman are leaving on amicable terms with Labelux, which is backed by the wealthy German family, Reimann.
However, it is believed some executives, including managers of Labelux, are disgruntled with the state of the company following Jimmy Choo's ownership by TowerBrook Capital, a private equity firm.
TowerBrook bought Jimmy Choo in 2007 from Lion Capital, another private equity firm, for £185m.
Prior to Labelux's acquisition of Jimmy Choo, Ms Mellon had a stake of between 17pc and 18pc in the business. It is understood she reinvested a small amount alongside Labelux but no longer has a significant equity stake in the new holding company.
While working as accessories editor at Vogue magazine in the early 1990s, Ms Mellon met Mr Choo, who used to hand-make women's shoes at the rate of 20 pairs a week.
She then founded Jimmy Choo in 1996 with a £150,000 loan from her father, Tommy Yeardye, who co-founded the Vidal Sassoon hair products empire.
Since then Jimmy Choo - now a favourite among celebrities and Hollywood actresses, such as Julia Roberts, Renee Zellweger and pop star Beyoncé - has grown to become a global luxury fashion brand.
It has been a good investment for Ms Mellon. She has generated a multi-million pound fortune from the company after it was bought and sold by several venture capital firms and Ms Mellon is now considered one of Britain's most successful female entrepreneurs.