LUXEMBOURG – British luxury fashion brand Jimmy Choo has put itself up for sale, with the company promising maximum value for its shareholders.
The London-based brand was founded in 1996 by designer Jimmy Choo and former Vogue accessories editor Tamara Mellon, and has achieved worldwide fame after being name-dropped in a number of movies and TV shows, like ‘Sex and the City’.
JAB Holding, the vehicle of the billionaire German Reimann family that owns 70 per cent of the shoemaker, announced it was also considering a sale of Swiss shoemaker Bally.
JAB acquired the brand in 2011 for 540 million pounds, or $800 million at the time, and took it public in 2014.
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.
JAB, which has its headquarters in Luxembourg, wants to focus on its investments in Coty, in which it has a 36.84 percent stake, and the numerous high-end coffee businesses, which also include Stumptown Coffee Roasters and Intelligentsia Coffee & Tea.