The Luxury brand co-founded by socialite Tamara Mellon raises three times sum paid by TowerBrook Capital Partners in 2007.

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.

The deal is "wonderful news for the women who are, or who aspire to become, part of the Jimmy Choo lifestyle".

"I am immensely proud of all we have achieved over the last 15 years and delighted we are to be part of Labelux, a partner that I know shares our values and passion and seeks ambitious growth in the luxury industry," says Mellon.

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 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.