For women who know their shoes, they know Jimmy Choo. From Kate Middleton to Emma Stone, the brand has been worn by some of the most famous people in the world. Now for the big question the business world is asking - is Jimmy Choo for sale?
The British firm is indeed up for sale, and seeking a well-heeled buyer. Yet valued at an estimated £700m, the luxury brand isn’t going to come cheap.
So what’s the story behind Britain’s most famous shoe brand? Compelo has been investigating.
Who founded Jimmy Choo?
That would be former Vogue journalist and socialite Tamara Mellon. Mellon founded the brand back in 1996 with Jimmy Choo, a Malaysian shoemaker. From the brand’s early days, it immediately won favour with big-name celebrities and influencers. Actresses, singers and even royalty have worn Jimmy Choo designs over the years.
In 2001, Mellon (alongside several private equity investors) bought out Choo. Then in 2011, Mellon left the business to launch a clothing line and Jimmy Choo was listed on the London Stock Exchange.
In a statement the firm has now said: “The board of Jimmy Choo announces today that it has decided to conduct a review of the various strategic options open to the company to maximise value for its shareholders and it is seeking offers for the company. Jimmy Choo has discussed the strategic review process with its majority shareholder, JAB Luxury GmbH, and JAB Luxury has confirmed that it is supportive of the process.”
Does the future of Jimmy Choo look sparkly?
Since the news broke of the Jimmy Choo sale, shares have soared. They are up more than 8%, and JAB Luxury, Jimmy Choo’s major stakeholder, are looking to move out of the 67% of the company that they own. JAB Luxury also own designer brand Bally, which they are also looking to sell. Why are they moving out of luxury? Well their other investments are in food and drinks brands, such as Krispy Kreme doughnuts, which is seems are more profitable.
With the brand only floating on the London Stock Exchange for three years, is this a hasty business move?
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