ASIA NEWS NETWORK
WE KNOW ASIA BETTER
M'sian shoe-maker Jimmy Choo mulls London listing
Publication Date : 19-03-2014
Luxury shoe maker Jimmy Choo Ltd – which can trace its roots back to Malaysian couture designer Jimmy Choo – is reportedly considering a listing on the London Stock Exchange.
According to Bloomberg, an initial public offering (IPO) for the high-fashion house is being considered by its current ultimate owner Labelux Group to raise funds to finance the brand’s expansion, particularly in Asia, where sales are growing rapidly.
Jimmy Choo was co-founded by Choo and former Vogue editor Tamara Mellon in 1996.
However, Choo sold out of his namesake label after disposing of his entire 50% stake in the company for a reported £10mil in 2001. Choo attempted to buy back Jimmy Choo in 2011 but was unsuccessful.
Over the past decade, Jimmy Choo had changed hands several times until Labelux, a Swiss-based private luxury goods group, bought the brand for £525 million (US$871 million) in 2011.
Citing sources close to the company, Bloomberg said Labelux had recently held preliminary talks with bankers about the possible sale of its stake in Jimmy Choo via an IPO, with plans to use the proceeds from the flotation to finance the brand’s expansion in Asia.
The report stated that Labelux would retain a majority stake in the luxury shoemaker after the potential corporate exercise, which could value the entire business at about £1 billion ($1.6 billion).
Jimmy Choo currently boasts a network of more than 150 outlets in 32 countries.