Jimmy Choo is a British brand that is known for its luxury line of shoes and accessories. It has opened itself up on Monday to potential buyers.
It is seeking offers on the company in a strategic attempt to maximize the shareholder value. This deals is under advisement by Merrill Lynch and Citigroup.
JAB Luxury current holds the majority of Jimmy Choo, which falls at 67.7 percent. JAB Luxury has confirmed that they support this decision as the majority shareholder.
Jimmy Choo’s value has been on the rise in the past year. It has increased by 34 percent on the London Stock Exchange.
In addition to that increase, the core earnings of Jimmy Choo increased by 15.7 percent in the past month alone.
Britains Takeover Panel has said that a “formal sale process” will occur so that third parties who are interested in the sale will be able to make proposals in confidence. So far, it has not had any approaches.
British luxury retailer Jimmy Choo is seeking offers for the company as part of a review of its strategic options to maximize shareholder value, it said on Monday. The firm, which specializes in shoes and accessories, said it had discussed the strategic review process with its majority shareholder, JAB Luxury, which has confirmed it is supportive of the process.
JAB Luxury holds 67.7 percent of Jimmy Choo, which trades from over 150 stores globally. Shares in Jimmy Choo, which floated on the London Stock Exchange at 140 pence in 2014, have increased 35 percent over the last year. They closed Friday at 168.5 pence, valuing the business at 657 million pounds ($840 million).
Jimmy Choo said Britain’s Takeover Panel has agreed that any talks with third parties may be conducted within the context of a “formal sale process” to enable conversations with parties interested in making a proposal to take place on a confidential basis. Jimmy Choo said it is currently not in receipt of any approaches. It is being advised by BofA Merrill Lynch and Citigroup. Last month Jimmy Choo reported a 15.7 percent rise in core earnings to 59 million pounds.