It was reported that the famed fashion designer has put two companies, Jimmy Choo and Bally up for sale. He aims to focus his time on coffee. Yes, coffee. But how will Jimmy Choo’s net worth be affected by this new decision? Let’s take a look.
Jimmy Choo’s Profile:
Net worth in 2017: $50 million
Profession: Fashion designer
Age: 68
Source Of Wealth: Fashion career
Residence: London
Citizenship: Dual citizen
Marital Status: Married; Rebecca Choi
Education: London College of Fashion
Jimmy Choo’s Career
Choo didn’t arrive at his success overnight. He was born in Penang, Malaysia to a family of shoemakers (which happened to be the area of fashion he focused on). His father taught him to make shoes and it is rumored that he made his first shoe at the age of 11.
The young man went on to study at Cordwainers Technical College (London College of Fashion). After graduating in 1983 he went on to work in a shop he opened in Hackney. Just five years later his shoe designs were being featured in an eight-page spread in “Vogue” and in 1990 the beloved Princess Diana was seen sporting some of Choo’s shoes, which furthered his image.
In 1996 Choo co-founded Jimmy Choo Ltd with Tamara Mellon. He only stayed with the company for five years before selling his stake in the company for $10 million. He went on to concentrate on his other fashion projects, such as the Jimmy Choo Couture line and the Jimmy Choo Ready-To-Wear.
Choo was really able to work his way up from the bottom of the fashion world but how much has he been able to cash in? What is Jimmy Choo’s net worth and how will selling his companies affect him?
Jimmy Choo’s Net Worth
Jimmy Choo’s net worth sits at a comfortable $50 million, the bulk of which have stemmed from the sale of his products. It is estimated that Choo has been making about $20 million per year through his fashion business. The 68-year-old fashion designer rakes in cash from elsewhere too.
As mentioned above, Choo sold his shares of Jimmy Choo Ltd for $10 million back in 2001. That is what helped the designer’s net worth get its jump start. Since then he has been making tons of cash through various business ventures. His name (the name of his brand) has become so well known that he is even featured in songs.
Now Choo has announced that he is going to sell his fashion companies and instead focus his attention on coffee. Instead of seeing Choo’s name on a pair of gorgeous shoes you’ll be seeing it on your bag of coffee. How will that affect Jimmy Choo’s net worth?
Well, it is not yet clear how his net worth will be affected by the sudden change in career. Coffee is a good business to get into but it is vastly different from the fashion world. It would be a good idea for Choo to save some cash and make investments before sinking his full attention in his new coffee adventure.
What do you think will happen to Jimmy Choo’s net worth now?
Photos: Famous Fashion Designers and efconsulting
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