Jimmy Choo Puts Itself Up For Sale
Luxury shoe maker Jimmy Choo has said it is seeking potential offers for a sale of the business.
The firm, which has a market value of about £700m, has not received any bids yet and is also weighing other options.
As well as shoes, Jimmy Choo produces a range of luxury goods, but has seen sales slow in recent years.
The move received backing from Jimmy Choo’s main shareholder JAB Holdings, which is also an investor in Krispy Kreme donuts and luxury firm Coty.
Jimmy Choo’s footwear is often seen on the red carpet worn by celebrities such as Jennifer Lopez and Beyonce.
The Duchess of Cambridge is also a fan of the British shoe designer, as is Oscar winning actress Emma Stone.
The company said in a statement: “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.
“Jimmy Choo has discussed the strategic review process with its majority shareholder, JAB Luxury GmbH, and JAB Luxury has confirmed that it is supportive of the process.”
JAB Luxury, which owns 68% of Jimmy Choo, said there was “no certainty that a sale” would take place.
Jimmy Choo’s sales growth was 2% in 2016 compared with 7% in 2015 and 12% in 2014, analysts at HSBC noted last month.
The company, which has more than 150 stores worldwide, listed on the UK stock market in 2014.
Jimmy Choo’s shares rose 8% on news of the possible sale.
They have now gained about 30% this year, helped by a boost from the weaker pound and improved sales in Asia.