After months of speculation as to who might acquire the 15-year-old luxury shoe and accessory label, Jimmy Choo has been acquired by Labelux for £500 million (approximately $806 million at current exchange rates). {M&A Deals}

Labelux is a privately held Austrian luxury goods company that includes Bally, Derek Lam and Solange Azagury-Partridge in its portfolio. In March of last year CEO Reinhard Mieck hinted at the possibility of an acquisition, though he didn’t name any brands specifically. “If we find something which fits fantastically, plus would be available, we might even acquire this year but we are definitely not in a hurry,” he said at the time. “We look at the long term potential of brands rather than short-term profitability.” {BusinessWeek}

Though other suitors reportedly included luxury behemoths like LVMH, it seems like Labelux’s approach may have been a better fit for Jimmy Choo.

With £150 million in 2010 sales (approximately $241.5 million at current exchange rates) the label isn’t exactly an emerging brand, but Labelux sees an opportunity for even stronger growth.

“Jimmy Choo is an outstanding brand with enormous growth potential and the ability to deliver material growth synergies across our group,” Mieck said.

Labelux is the third company to hold a majority stake in the label, which was launched in 1996. Phoenix Equity Partners first acquired a 51% stake in 2001 for £9 million, which it later sold for £35 million to Lion Capital. Lion Capital also purchased shares from Jimmy Choo’s management for £110 million in total, and later sold their shares to TowerBrook Capital for £185 million.

The latest sale is by far the brand’s largest, and gives TowerBrook the biggest return of any investor so far. Tamara Mellon, who co-founded the company, has maintained a 17% ownership stake in the company and will continue in her position of creative director. Jimmy Choo CEO Joshua Schulman will also remain in place in his existing role.

The deal is expected to close in June 2011, and may give Jimmy Choo the resources to make a long desired push into the growing Asian luxury market.

Jimmy Choo CEO Tamara Mellon attempted to explain the odd pairing to W:

“Uggs were my guilty pleasure until I was on a flight to London and the airline staff said, ‘Weâ€re all so excited to see what shoes youâ€re wearing!†I had Uggs on. So now weâ€ve done a collaboration where I took traditional Uggs and decorated them with the DNA of Jimmy Choo—animal prints and studs.” {via the Cut}

No. Just no.

Really, we’re not against comfortable shoes, but there are some things that animal prints and studs just can’t help. The classic Ugg boot is one of those things. While we can sympathize with the temporary embarrassment of being seen outside (what you wear behind closed doors is your business, and we don’t judge) in a pair of Uggs, adding flashy, sparkly things to them is not unlike spritzing perfume on dog poo – it doesn’t actually make things any better.

But, if you were wondering “who would wear these things?” or “why?”, now you know.

Apparently panties being thrown on stage has awakened a sleeping undergarment designer, or something. The weirdest part is that he wants to team with Jimmy Chooâ€s Tamara Mellon. Sheâ€s great at making shoes, and while sexy heels and lingerie are a pairing that lots of ladies (and guys) enjoy, it still seems like an odd step for the brand.

Styleite points out that Usher has been “flighty” with his plans to found a clothing line before, so perhaps heâ€s not all that serious about the idea.

Note to Usher: Stick with the fragrance promotion like countless other celebrities (now including Lady Gaga) do.