Jimmy Choo Planning London IPO
The high-end shoe brand is reportedly targeting a market value of around $1 billion
High-end shoe brand Jimmy Choo, featured in such Hollywood favorites as Sex and the City, is planning an initial public offering of stock on the London Stock Exchange next month.
The London-based company, led by CEO Pierre Denis, said it would float a 25 percent stake on the exchange next month. Investment firm Joh. A. Benckiser, which acquired the firm that often works with celebrities in 2011, will sell the stake.
"Jimmy Choo is an outstanding business operating in one of the fastest-growing segments of the luxury market," Denis said, lauding the firm's "strong continued [revenue] growth, progressive margins and cash generation." He said the company "is a clear success story with strong momentum, and I am confident that our future as a public company can only extend our reputation and position in this attractive sector."
The company has often worked with members of the entertainment industry. Earlier this year, it named Game of Thrones star Kit Harrington as the face of its men collection.
Bloomberg News reported that the company was targeting a valuation of around $1 billion.
The company has reported first-half revenue of $246.4 million (£150.2 million), up 9.4 percent from the year-ago period.
Under JAB's stewardship, Jimmy Choo said it "has invested heavily to replatform the business, which is now appropriately scaled to embark upon its next phase of growth and margin expansion. Jimmy Choo's growth strategy will be pursued without compromising its brand's exclusivity."