Mon, 24 Apr 2017 | BUSINESS SALE
Jimmy Choo, the luxury shoemaker worn by actresses, royalty and musicians, is up for sale after announcing a “strategic review of the company”.
The firm, which was co-founded by Malaysian shoemaker Jimmy Choo in London in 1996, said it had not yet received any approaches from potential buyers and is also exploring other options.
Analysts valued the company at around £700 million and expects interest from competitors and buyers in China, Russia and the Middle East.
The first Jimmy Choo store opened in 1996 on London’s Motcomb Street before the company expanded to the US, opening two stores in New York City and Beverly Hills a few years later.
Today the retailer has stores in luxury shopping destinations around the world, including London’s Sloane Street, Avenue Montaigne in Paris, Via Condotti in Rome and Madison Avenue in New York. The Duchess of Cambridge, Beyonce and Emma Stone are among its high-profile customers.
In a statement Jimmy Choo said its proposal had the backing of JAB Luxury, its majority shareholder.
“The board of Jimmy Choo announces today that it has decided to conduct a review of the various strategic options open to the Company to maximise value for its shareholders and it is seeking offers for the company,” it said.
Jimmy Choo has discussed the strategic review process with its majority shareholder, JAB Luxury, and JAB Luxury has confirmed that it is supportive of the process.”
Shares in Jimmy Choo hit a record high on the back of the announcement.
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