Jimmy Choo puts itself up for sale amid strategic review
Luxury shoe brand Jimmy Choo has put itself up for sale as part of a strategic review, with the firm tipped to be sold for over £700 million.
The company said on Monday that it has decided to conduct a review of the various options open to it, including a sale, in order to "maximise value for its shareholders".
Shares in the firm leapt over 8% in morning trading off the back of the news.
It is thought that Jimmy Choo, which listed on the London Stock Exchange in 2014, will attract the attention of rival luxury houses and big-hitting Chinese, Middle Eastern and Russian buyers.
"The board of Jimmy Choo announces today that it has decided to conduct a review of the various strategic options open to the company to maximise value for its shareholders and it is seeking offers for the company," Jimmy Choo said in a statement.
The brand's largest and controlling shareholder, JAB Luxury, has thrown its weight behind the sale process, although the company added that it is not yet had any approaches or offers.
JAB, which holds over 67% of Jimmy Choo, also owns doughnuts firm Krispy Kreme and beauty company Coty.
The board is working with Bank of America Merrill Lynch and Citi on the deal.
In March, Jimmy Choo cheered record revenues and profits thanks to a boost from the Brexit-hit pound and strong sales across Asia.
The designer firm saw annual revenues climb 15% to £364 million in the year to the end of December, while earnings lifted 16% to £59 million over the period.
Jimmy Choo, which has more than 150 stores worldwide, also saw growing sales at its men's division, which accounts for 9% of revenue.
Jimmy Choo counts Jennifer Lopez, the Duchess of Cambridge and Beyonce among its fans.