Jimmy Choo share price rises as shoe maker puts itself up for sale

 
Caitlin Morrison
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Customers look at a pair of Jimmy Choo h
Jimmy Choo is a well-known luxury shoe brand (Source: Jimmy Choo/Facebook)

Luxury shoe maker Jimmy Choo has put itself up for sale, the company announced today.

The firm said it has "decided to conduct a review of the various strategic options open to the company to maximise value for its shareholders and it is seeking offers for the company". The retailer is being advised by Merrill Lynch and Citigroup.

Shares in the group soared 7.44 per cent in morning trading.

Jimmy Choo said it has discussed the strategic review process with its majority shareholder, JAB Luxury, and JAB Luxury has "confirmed that it is supportive of the process".

JAB Luxury, which owns 67.66 per cent of Jimmy Choo, said in a statement: "There can be no certainty that a sale of all or any of JAB Luxury's shareholding in Jimmy Choo will take place, nor as to the terms on which any such transaction may take place."

The holding company added that it does not intend to comment further until a decision on possible strategic options has been made.

Last month Jimmy Choo reported strong revenue growth in 2016, with operating profit also rising, by 42.6 per cent. At the time, the shoe group's chief exec, Pierre Denis, said the results were "testament to the growing appeal and strength of our brand".

Jimmy Choo has benefited from the decline in the value of sterling since last June's Brexit vote, which has encouraged foreign buyers to opt for the UK as their go-to destination for luxury shopping.

This marks a turnaround from last May, when the fashion firm narrowly avoided being demoted from the FTSE 250.

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