Jimmy Choo IPO 'to value shoe label at £700m'

 
Catherine Neilan
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Jimmy Choo: IPO could value the company at around £700m (Source: Getty)
Luxury shoe company Jimmy Choo could land on the London Stock Exchange with a top valuation of £700m - less than originally expected, according to reports.
The high end label, a favourite of Sex and The City star Sarah Jessica Parker, is looking to issue a quarter of its share equity with an initial price range of 140p-180p per share, Reuters has said.
That would give the company, which was co-founded by Tamara Mellon and the eponymous designer in 1996, an equity value of between £546m and £702m. Last month the valuation was put at closer to £1bn.
The label is planning to use the money raised from the listing to expand, particularly in Asia.
Neither Mellon nor Choo are involved in the business currently, with Choo selling his stake in 2001 for £10m and Mellon stepping down in 2011 when Labelux bought it. The company has since been integrated into parent company JAB Holdings.
BoA Merrill Lynch is lead managing the listing, with HSBC as joint bookrunner and BHF-BANK as co-lead manager.
The label, which has 120 directly operated shops, plans to open 10-15 shops a year until 2016.

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