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Luxury shoe brand Jimmy Choo goes up for sale

25 April, 2017, 05:06 | Author: Jeff Stephens
  • Luxury shoe brand Jimmy Choo goes up for sale

The British luxury brand, which specialises in shoes and accessories, said it was to conduct a review of various strategic options to "maximise value for its shareholders", including the possibility of a sale.

Right now, the British brand has a market value of about £700 million, or almost 900 million Dollars, and operates more than 150 stores worldwide.

The statement said the shoemaker's plans were in line with the goals of JAB Luxury, the company's majority equity investor with 67.66 percent of the shares.

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The firm said it is now not in receipt of any approaches.

JAB, the investment company controlled by the Germany's billionaire Reimann family, agreed earlier this month to buy USA bakery Panera Bread for $7.5 billion to add to its US food and coffee empire.

Kimberly-Clark shares fell with the consumer-products company facing sales declines in most of its developed markets.

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The first Jimmy Choo store opened in 1996 on London's Motcomb Street before the company expanded to the United States, opening two stores in New York City and Beverly Hills a few years later.

Shares in Jimmy Choo jumped 10 per cent to a record high of 186.25 pence on the news, valuing the group at more than 720 million pounds. Revenue rose 15% previous year to £364m, boosted by the fall in the pound since the UK's vote to leave the European Union, which increases the value of overseas sales when converted into the British currency.

Jimmy Choo doesn't just sell shoes, it also focuses on other luxury goods as well.

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The Bally review is expected to be completed in the second half of this year, JAB said. However, it says that that those interested in making a proposal for it should get in contact with BofA Merrill Lynch or Citi.

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