Jimmy Choo is putting itself up for sale

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Jimmy Choo is putting itself up for sale

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Jimmy Choo

LONDON — High-end shoe brand Jimmy Choo announced on Monday it is launching a strategic review of the business that includes a possible sale.

The company said in a regulatory update on Monday that it is "seeking offers for the company" and says its major shareholder, JAB Luxury GmbH, is supportive of the process. Bank of America Merrill Lynch and Citi are overseeing the sale process.

Shares have opened up over 4.7% higher in London on the news.

Jimmy Choo says it is putting up the "for sale" sign "to maximise value for its shareholders." The company warns that there is "no certainty that an offer will be made, nor as to the terms on which any offer will be made."

Last month Jimmy Choo published its full-year results, showing a 1.6% rise in revenue to £364 million when currency fluctuations were discounted. Pre-tax profit fell from £22.1 million in 2015 to £17.7 million last year.

Nick Bubb, an independent retail analyst, says in an email on Monday morning: "This seems a bit out of the blue, but, truth be told, the shares have not been a licence to print money since the IPO."

Jimmy Choo listed on the London Stock Exchange at 140p a share in 2014. After an initial price bounce, shares slumped to a low of 104p in June last year. However, the price has since rallied. Jimmy Choo shares closed at 168.50p on Friday, their highest level since August 2015. You can get the latest share price here.Markets InsiderShoemaker Jimmy Choo was founded in 1996 by the eponymous shoe designer, who used to work for Princess Diana, and former Vogue editor Tamara Mellon. It is known for its high-heeled shoes and grew in popularity in the 2000s.

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April 23, 2017 at 07:27PM