LONDON (AFP) – Luxury shoe brand Jimmy Choo unveiled plans on Tuesday to launch on the London market next month to raise cash for expansion in Asia and elsewhere.
The group said in a statement that its owner JAB Luxury has agreed to float a 25-per-cent stake in a partial initial public offering (IPO) on the London Stock Exchange.
The firm did not state how much cash it was aiming to raise, but media reported the IPO could generate around £600 million ($981 million, 763 million euros).
“Jimmy Choo is an outstanding business operating in one of the fastest growing segments of the luxury market,” said Pierre Denis, chief executive of Jimmy Choo, in Tuesday’s statement.
He added: “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.”
The group, currently owned by investment company JAB Luxury, enjoyed sales of £282 million in 2013.
Sales jumped 9.4 per cent to £150.2 million in the first half of this year, or six months to the end of June, compared with a year earlier.
The brand was founded by Malaysia-born Jimmy Choo in 1996 with British socialite Tamara Mellon.
It became a household name after repeatedly featuring on high profile TV shows including “Sex and the City”, and was worn by celebrities and royalty, including Britain’s Princess Diana.
Jimmy Choo has since developed into a luxury fashion brand encompassing shoes, handbags, leather goods, scarves, eye wear and fragrances.