Jimmy Choo has announced its intention to float on the London Stock Exchange.
The designer shoe maker will be offering shares alongside owner private investment firm JAB Luxury offering existing shares in deal which could value the company at around $1.2 billion (£700 million). Jimmy Choo is looking to branch out into the high-end shoe market gaining more exposure. The sector is one of the fastest growing sub-categories in the luxury goods industry.
Jimmy Choo, renowned for its high heel shoes featured in films such as Sex and the City and The Devil Wears Prada, has enjoyed a boost in operations over the past year. The company recorded sales of £282 million in the past year alone and said it was confident that shareholders would benefit from strong growth following the floatation.
JAB Luxury purchased the firm in 2011 and since then has grown at a strong rate. In the first half of 2014, Jimmy Choo reported adjusted core profits of £27.6 million. It is now targets a minimum free float of at least 25 per cent of share capital. The listing is likely to take place in October with traders able to purchase a stake from that point onwards.
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. In recent years our talented teams have worked tirelessly to develop a focused business model with the requisite skills, innovation and investment to outperform in this category.
"The results speak for themselves through Jimmy Choo's strong continued top line growth, progressive margins and cash generation."
Jimmy Choo started as a bespoke shoe maker in the east end of London in the 1990s after teaming up with Tamara Mellon in 1986. While Mr Choo left the business in 2001, his niece, Sandra Choi, is creative director of the company.
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