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Jimmy Choo IPO in London Raises Cash for Asian Foray

Image: Jimmy Choo IPO in London Raises Cash for Asian Foray
In this April 18, 2014. file photo, Malaysian designer Jimmy Choo holds his one-off set of shoes using materials of Japan's Fukushima area during his lecture 'Creativity Thugh Skills' in Fukushima, Japan. (Toshifumi Kitamura/AFP/Getty Images)

By    |   Friday, 17 Oct 2014 10:10 AM

Jimmy Choo, whose celebrity shoe fans include Kate Middleton, Michelle Obama, Nicole Kidman and Lady Gaga, stepped out Friday on the London stock market in a float valuing the business at £545.6 million ($877 million).

The shoemaker to the stars began conditional dealings with shares priced at 140 pence on the London Stock Exchange.

AFP reported the company as saying in a statement that its owner, investment firm JAB Luxury, had sold a 25.9-percent stake in the partial initial public offering.

The IPO is aimed at raising cash to help the shoemaker tap further into strong Asian demand for luxury goods, particularly in China and Japan.

“We are delighted with our successful IPO," said Jimmy Choo's chief executive, Frenchman Pierre Denis.

"Today's announcement marks an important milestone for Jimmy Choo and recognises not only the appeal of our high quality products but also confidence in our ability to outperform the luxury shoe market.

"We welcome our new shareholders and look forward to sharing with them the continuing momentum of this exceptional brand.”

The top-end luxury brand, whose shoes retail at between £350 and £2,100 per pair, will use the IPO proceeds to open between 10 to 15 stores a year.

Jimmy Choo, which posted sales of £282 million last year, has 120 stores.

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Jimmy Choo, whose celebrity shoe fans include Kate Middleton, Michelle Obama, Nicole Kidman and Lady Gaga, stepped out Friday on the London stock market in a float valuing the business at £545.6 million ($877 million).
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Friday, 17 Oct 2014 10:10 AM
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