TAMARA MELLON, founder of Jimmy Choo and now owner of a ready-to-wear and footwear label that bears her name, has filed for voluntary Chapter 11 bankruptcy protection from her creditors.
The British businesswoman – who established her eponymous label in 2013 after selling her remaining shares in Choo in 2011 – plans to exit Chapter 11 in 60 days, WWD reports, and will form a new company that will own trademarks that currently belong to Tamara Mellon LLC.
“We will use this brief period of reorganisation so we can position ourselves to take advantage of our new growth strategy and ensure the long term vibrancy of our brand,” Mellon said in a statement. “We expect that we will emerge from this stronger than ever in 60 days or less, and all of us at Tamara Mellon look forward to pursuing our passion long into the future.”
The filing reported that the company holds assets of between $1 million and $10 million and has between 100 and 199 creditors who are owed between $1 million and $10 million. The reorganisation plan – which has yet to be approved by the court – means that Mellon can continue to trade during the 60 days without making any employees redundant.
TAMARA MELLON launched her accessible lifestyle luxury brand in mid-November – a collection that includes women’s ready-to-wear, handbags and shoes. The offering will reflect the British businesswoman’s “modern, clean and sensual” personal style.
The brand will create versatile essentials, as well as capsule collections with the aim of meeting the style demands of busy working women. The signature colour will be red – a shade that Mellon strongly identifies with. Key pieces will include jumpsuits, trenches, cigarette pants and structured jackets, while leopard print will also feature throughout.
The former Jimmy Choo co-founder and creative director has high hopes that her new brand will “break the traditional retail landscape” through its “buy now, wear now” mantra. The inaugural collection was presented at the Pace Gallery in New York earlier this month, before landing in standalone Tamara Mellon stores and online at tamaramellon.com in November.
The unveiling included a photography exhibition by Richard Misrach, whose work forms part of Mellon’s personal collection, and the entrepreneur also showcased furniture from her home. What better insight could there be into one of fashion’s most high-profile businesswomen – “a glamorous, sophisticated and confident woman of the world”?