Tuesday, August 9, 2022

Jimmy Choo up for sale

Luxury shoe retailer Jimmy Choo has put itself up for sale, its management board announced today.

The British brand decided to conduct a review of the various options open to it, including a sale, in order to “maximise value” for shareholders.

“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,” the company said.

The news comes shortly after Jimmy Choo welcomed record revenues and profits, boosted by a Brexit-hit pound and strong sales across Asia.

Its annual revenues grew by 14 per cent to £364 million in the year to the end of December while adjusted EBITDA grew by 15.7 per cent to £59 million.

However, pre-tax profit dropped from £22.1 million in 2015 to £17.7 in the same period.

READ MORE: Jimmy Choo posts drop in profits

According to Press Association, Jimmy Choo‘s largest and controlling shareholder, JAB Luxury, is supporting the sale process.

With a market capitalisation of around £650 million, Jimmy Choo is expected to attention of rival luxury retailers or billionaire buyers from China, the Middle Eastern or Russia.

The board is working with Bank of America Merrill Lynch and Citi on the deal.

Jimmy Choo has more than 150 stores worldwide and the likes of Jennifer Lopez, the Duchess of Cambridge and Beyonce are some of its most well-known fans.

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