Tags: jimmy choo | sale | jab | luxury

Jimmy Choo Put Up for Sale as Owner Shifts Focus Away From Luxury

Image: Jimmy Choo Put Up for Sale as Owner Shifts Focus Away From Luxury

A store of shoe designer Jimmy Choo is seen in the mountain resort of St. Moritz, Switzerland, on March 15, 2016. (Arnd Wiegmann/Reuters)

By    |   Monday, 24 Apr 2017 01:21 PM

Jimmy Choo put itself up for sale on Monday as its majority owner, JAB Luxury, focuses away from the luxury market.

The British luxury retailer known for high-end shoes and accessories added its name to the long list of retailers that have experienced sluggish sales in recent months, USA Today reported, noting that luxury retailer Kate Spade also is considering a possible sale.

JAB Luxury is shifting its focus to its coffee business, including Peet’s Coffee & Tea, Caribou Coffee and Keurig Green Mountain, according to the New York Post.

"JAB has therefore made the strategic decision to focus on its successful core businesses of consumer goods, including Coty Inc.," the shareholder said, according to Reuters.

JAB agreed earlier this month to buy Panera Bread for $7.2 billion. The shareholder also is considering a sale of Swiss luxury retailer Bally International.

Jimmy Choo was founded in 1996 and came to fame in the late 1990s after it appeared on "Sex and the City."

JAB bought the retailer for about $640 million in 2011. Shares of the company rose Monday, bringing its value to about $900 million, the New York Post said. A sale of the company would be its fifth.

"What remains to be seen is whether growing interest from Asia and the Middle East for luxury UK brands will see Jimmy Choo receiving offers from foreign buyers searching for well-known British brands," said Jonathan Buxton, a partner and leader of consumer at Cavendish Corporate Finance, according to Reuters.

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Jimmy Choo put itself up for sale on Monday as its majority owner, JAB Luxury, focuses away from the luxury market.
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2017-21-24
Monday, 24 Apr 2017 01:21 PM
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