Jimmy Choo considers IPO
The owner of fashion label Jimmy Choo plans to appoint investment banks to advise it on strategic options, which include a possible initial public offering valuing the company at about £500 million.
According to the Financial Times, Goldman Sachs and Morgan Stanley are the leading candidates to advise Towerbrook, which acquired Jimmy Choo in 2007 for £180m.
Towerbrook could IPO Jimmy Choo in the UK, US or Asia. The firm has led a series of successful exits to the stock markets recently, including the £395m float of fashion retailer Supergroup and the HK$5.5bn (€553m) listing of French cosmetics business L’Occitane in Hong Kong.
Towerbrook, however, could also sell the business to another private equity firm or hold the company and expand its store network, especially in the rapidly growing Asian market.
Jimmy Choo has been owned by three private equity firms. Phoenix Equity Partners bought the company for £18m in 2001 and later sold it to Lion Capital for £101m, which exited to Towerbrook in 2007.
Under private equity ownership the business expanded internationally and broadened its product range to include handbags and sunglasses.
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