Luxury shoe-maker Jimmy Choo has been purchased by Equinox Luxury Holdings after terms were agreed for the 50% stake owned by the founder. Shoes made by the firm are a favourite among Hollywood and TV stars such as Sigourney Weaver and sales are expected to hit $17 million this year. Equinox Luxury Holdings is backed by Phoenix Equity Partners and plans to create a portfolio of luxury goods brands.

Founder Jimmy Choo sold his stake in a deal that values the UK-based company at £21 million ($30 million), but he will continue to produce couture Jimmy Choos shoes. Equinox now plans to invest more money in the company and increase the number of retail outlets to capitalise on the high-profile brand.