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Luxury shoe brand Jimmy Choo goes up for sale

Luxury shoe brand Jimmy Choo goes up for sale

Jimmy Choo believes a sale would "maximize. value for its shareholders", a company statement said Monday.

The news prompted shares in Jimmy Choo to climb by as much as 10 per cent, but the firm has stressed that a would-be buyer has yet to reveal itself. According to the bosses, Jimmy Choo brand has already discussed the selling plans with two-thirds (68 percent) shareholder JAB, they supported the process, initiated by the Germany's billionaire Reimann family, real owners of JAB.

The news is the latest slap for the luxury sector, which has watched sales and profits tank as shoppers are increasingly willing to sniff out bargains online, ad well as mix-and-match designer goods with their jeans and T-shirts.

JAB said it has made a "strategic decision" to focus on consumer goods, including a 37% stake in cosmetics maker Coty.

BAML worked alongside HSBC on Jimmy Choo's 2014 initial public offering in London. JAB Holdings is also an investor in Krispy Kreme doughnuts and Reckitt Benckiser. The stock is now around 20pc higher, at 168p, giving it a market value of nearly £640m.

Jimmy Choo was co-founded in 1996 by former "Vogue" editor Tamara Mellon and Choo, who once worked for Princess Diana.

Meanwhile, despite slowing sales growth globally, the business benefited from a weaker sterling boosting United Kingdom sales to worldwide customers in the wake of the Brexit referendum, Tamara Sender, senior fashion analyst at market analyst firm Mintel, told CNBC via email on Monday. There is room to increase Jimmy Choo's operating margin, but with slow sales growth, it already looks expensive. The European investment fund said it expected its review of the Swiss luxury footwear brand to be completed in the second half of 2017.

The company said the United Kingdom, which has seen an influx of bargain-hunting tourists since the Brexit vote, and China were among the best-performing markets in the second half of the year.

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