Jimmy Choo to List its Shares on London Stock Exchange in October
London-based designer shoemaker Jimmy Choo unveiled its plans to list its shares on the London Stock Exchange in October.
In 2013, the company had sales of £282 million and now it is ready to expand its business in Asian markets. In 1996, co-founders Jimmy Choo and Tamara Mellon opened the first store in East London. In preparation for the Initial public offering (IPO), the company has declared the selection of four independent non-executive directors.
The company did not provide any information that how much money it will raise though the company is projected to be valued over £500 million.
Pierre Denis, CEO of Jimmy Choo, said that Jimmy Choo is a known brand, which is working in one of the fastest developing sections of the luxury market. Adding to it, he said that in recent years, the company's skilled workers have worked determinedly to expand business model with the required expertise.
"Jimmy Choo is a clear success story with strong momentum and I am confident that our future as a public company can only extend our reputation and position in this attractive sector", said Pierre Denis.
It is expected that Jimmy Choo Ltd will start first public offering in London next month as owner JAB holdings plans to sell a stake in the maker of $1,995 Lust peep-toe sandals. Jimmy Choo said in a statement that JAB is planning to sell a stake of at least 25%.
Jimmy Choo would follow luxury companies such as Moncler SpA (MONC), Brunello Cucinelli SpA (BC) and Salvatore Ferragamo SpA (SFER) in selling a stake on European stock markets in the last three years.
The firm, whose shoes were made famous by Hollywood actress Sarah Jessica Parker in the TV series "Sex and the City", benefits from high awareness and restricted distribution in Asia. The company can maintain revenue growth by opening more stores and also by continuing to offer designs that appeal to both sexes.
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