Luxury shoe brand Jimmy Choo put up for sale
Majority investor JAB may also dispose of Bally as it increases focus on consumer goods
British luxury retailer Jimmy Choo has put itself up for sale to try to maximise shareholder value as majority investor JAB increases its focus on consumer goods.
JAB Luxury also said on Monday that it was reviewing its ownership of Bally International, the Swiss luxury footwear and accessories company, clearing the way for a possible sale of that business, too.
Jimmy Choo, famous for its stiletto shoes and accessories, has discussed its plans with 68 per cent shareholder JAB, which supports the process as part of a move away from a luxury sector it now considers “non-core”.
Shares in Jimmy Choo hit a record high, valuing the business at about £720 million (US$921 million).
JAB Holdings, the investment vehicle of Germany’s billionaire Reimann family, has been building up its coffee and food chains and agreed this month to buy bakery group Panera Bread for US$7.2 billion.
Jimmy Choo’s shares, which floated on the London Stock Exchange at 140 pence in 2014, had increased 35 per cent over the past year before Monday’s announcement.