Jimmy Choo heads for London float in October

Shoe giant will float a 25% stake in the company in the LSE

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The Independent Online

Luxury shoe brand Jimmy Choo, famous for its association with Sex and the City, is to list in London giving it a £800 million price tag.

The company, which has around 120 directly operated shops across the world including 17 in China, will float a 25 per cent stake next month and has revealed a line-up of eight non-executive directors including former Reckitt Benckiser boss Bart Becht. 

The float next month will make it only the third luxury listed group in London, joining Burberry - in the FTSE 100 - and Aim-listed Mulberry.

The stake, owned by Joh ABenckiser (JAB), is expected to fetch close to £200 million which, considering next years’ earnings are expected to surpass £50 million, , means it  would be valued at more than 12 times earnings.

Choo has been opening between 10 and 15 shops a year with experts expecting it can grow to around 300 shops globally. It has expanded into accessories and now 25 per cent of its business comes from handbags and small leather goods.

Choo is now run by Pierre Denis who previously worked at luxury giant LVMH.

Pierre Denis, chief executive officer, said: "Jimmy Choo is an outstanding business operating in one of the fastest growing segments of the luxury market.

"Jimmy Choo's strong continued top line growth, progressive margins and cash generation... [It] is a clear success story with strong momentum and I am confident that our future as a public company can only extend our reputation and position in this attractive sector."

The group said current trading was strong with first half sales of £150.2 million, up 9.4 per cent on the prior half year with like for like sales up 2.2 per cent.

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