Shareholders of the luxury shoe company Jimmy Choo put it up for sale on Monday, April 24. Its market value shot up by 10 percent immediately after the announcement.
Now valued at around $921 million, the company’s shares are at its highest ever. But it has yet to attract a buyer.
A Jimmy Choo boutique
Tamara Mellon founded the company in 1996 but has since left the company. She sold her shares to establish her own label. The majority of shares are now owned by the Reimann family, who control JAB Holdings. The shoe label’s representatives say that JAB is “supportive of the [sale] process.” The consumer goods company controls French perfume brand Coty and is set to purchase the Panera restaurant chain for $7.5 billion, including its debt.
Apart from that, JAB Holdings is reportedly also reviewing its ownership of Bally International, the Swiss luxury footwear and accessories company. JAB appears to be veering away from fashion for good and focusing solely on consumer goods.
Interested investors would be pleased to know that last month, Jimmy Choo reported a rise in revenue from a year earlier, with an increase of 14.5 percent. This is great news for the company since sales in the United States dipped two percent last year but continue to grow in Asia, with a notably high demand in China.