British luxury retailer Jimmy Choo is seeking offers for the company as part of a review of its strategic options to maximise shareholder value. As Ciara Lee reports, the firm, which is a favourite with celebrities and specialises in shoes and accessories, says it has the backing of its majority shareholder.
Putting its best foot forward and hoping to make a lasting impression... on a potential suitor. Jimmy Choo has put itself up for sale. The British luxury brand - its shoes made famous by hit TV show Sex and th City - wants to maximise shareholder value. Choo said it has discussed the plan with its majority shareholder, JAB Luxury. (SOUNDBITE) (English) CITY INDEX, SENIOR MARKETS ANALYST, KATHLEEN BROOKS, SAYING: "This is a nice time for some companies that are doing pretty well like Jimmy Choo to come in and say look, we're for sale, come buy us, we're at a better price than we could have been at this time last year. Maybe they are waiting for that rather than if they think the markets are going to tank later on down the year, because of various of things be it Europe, be it the UK, or be it the U.S., there is a lot of risk out there and maybe now is a sweet spot." It comes just three years after Jimmy Choo's initial public offering. Mixed reviews followed that and it's only returned 10 percent annually to shareholders. That's a third of what other luxury groups such as LVMH have achieved. But like the heels, the valuation is high. It's share price rose eleven percent on the news - that's on top of a 35 per cent increase over the past year. And that means any potential new owner may have to pay close to a billion pounds.