Jimmy Choo poised to step out as listed firm

Luxury brand has about 120 directly operated shops across the world

Click to follow
The Independent Online

The City is on standby for details of the London float of the designer shoe maker Jimmy Choo as soon as this week.

The luxury brand, which has about 120 directly operated shops across the world including 17 in China, is planning to float a 25 per cent stake, which could fetch up to £200m, valuing Jimmy Choo at well over £700m. A final decision will be taken in the next 10 days.

If the float goes ahead Jimmy Choo, owned by Joh ABenckiser (JAB), will become the third listed luxury group in London, joining Burberry on the FTSE 100 index and Mulberry on Aim.

Choo has been opening 10 to 15 shops a year and experts expect it to grow to about 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 run by Pierre Denis, who previously worked at the luxury giant LVMH.

The brand started as a bespoke shoe-maker, founded by Jimmy Choo in the 1990s in the East End of London. He joined forces with Tamara Mellon, who transformed it into an international fashion brand. Jimmy Choo left the business and continues to make bespoke shoes.

The group was owned by various private equity firms before JAB’s Labelux division bought it in 2011. Ms Mellon then left the group to found her own label. Jimmy Choo’s niece Sandra Choi is now creative director.

JAB manages more than £18bn of assets for Germany’s Reimann family, including a 10 per cent stake in  the consumer goods giant Reckitt Benckiser and 51 per cent of the coffee group Jacobs Douwe Egberts.

Bank of America Merrill Lynch and HSBC are advising on Jimmy Choo’s listing.

Comments