Jimmy Choo to float on London Stock Exchange
Luxury footwear brand Jimmy Choo has announced plans to float on the London Stock Exchange.
The brand’s owner JAB Holdings is to target a minimum free float of at least 25% of the company's issued share capital.
With the IPO expected to take place next month, the proceeds will be used to help fund Jimmy Choo’s growth strategy including the roll-out of a new store concept and expansion into Asia and new markets.
Co-founded in 1996 by Tamara Mellon and Jimmy Choo, the company now has 120 stores worldwide and in 2013 achieved sales of £282 million. While Mellon and Choo have now both left the business, Choo’s niece Sandra Choi is the firm’s creative director.
The company said it had made a good start to 2014 with first half revenues rising 9.4% year-on-year to £150.2 million and like-for-like sales growing by 2.2%.
Pierre Denis, chief executive Officer of Jimmy Choo, said: "Jimmy Choo is an outstanding business operating in one of the fastest growing segments of the luxury market.
“The results speak for themselves through Jimmy Choo's strong continued top line growth, progressive margins and cash generation. 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."
Jimmy Choo is planning to open 10 to 15 stores per year and shift to a regional mix more in line with the wider luxury market through growth in Asia and selected new markets, while maintaining its presence in EMEA and the US.
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