Diana Olson
0
All posts from Diana Olson
Diana Olson in Diana Olson,

Jimmy Choo set to list shares on London Stock Exchange

Designer shoe maker Jimmy Choo has announced plans to list its shares on the London Stock Exchange.

The luxury brand said it would use the funds to help it expand in Asia and other new markets.

The firm, which recorded sales of £282m last year, said it was confident shareholders would benefit from strong growth.

"Our future as a public company can only extend our reputation," said Jimmy Choo chief executive Pierre Denis.

It said it would continue to open 10 to 15 shops a year, and planned to float at least a quarter of the shares in the company.

Jimmy Choo started as a bespoke shoe maker in London's East End in the 1990s. He joined forces with Tamara Mellon in 1986 to form the company, but left the business in 2001. Jimmy Choo's niece, Sandra Choi, remains creative director at the firm.

The firm is now owned by investment firm JAB Luxury, and has 120 shops globally.

It said it was now ready "to embark on its next phase of growth".

Jimmy Choo plans to rapidly ramp up its expansion in China, where it said it was currently under-represented compared to peers.

It said it would expand its current 10 stores to 30 over the medium term, as well as target growth in the Middle East, South Korea, Singapore and Malaysia.

And the firm also plans to look at franchise opportunities in Latin America and Eastern Europe.

Source: http://www.bbc.com/