Luxury fashion houses expected to bid for shoe brand Jimmy Choo
- Credit: PA
The board of luxury shoe brand Jimmy Choo has put the business up for sale as part of a strategic review.
The company said today that it has decided to conduct a review of the various options open to it, including a sale, in order to 'maximise value for its shareholders'.
'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 said.
The brand's largest and controlling shareholder, JAB Luxury, has thrown its weight behind the sale process, although the company added that it is not yet in receipt of any approaches.
The board is working with Bank of America Merrill Lynch and Citi on the deal.
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In March, Jimmy Choo cheered record revenues and profits thanks to a boost from the Brexit-hit pound and strong sales across Asia.
The designer firm saw annual revenues climb 15% to £364m in the year to the end of December, while earnings lifted 16% to £59m over the period.
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Jimmy Choo, which has more than 150 stores worldwide, also cheered growing sales from its men's division, which accounts for 9% of revenue.
It is thought that Jimmy Choo, which has a market capitalisation of around £650m, would attract the attention of rival luxury houses and big-hitting Chinese, Middle Eastern and Russian buyers.
Jimmy Choo counts Jennifer Lopez, the Duchess of Cambridge and Beyonce among its fans.