(UDHAYAM, COLOMBO) – Luxury shoe maker Jimmy Choo has said it is seeking potential offers for a sale of the business.
The firm said it had not received any bids yet and was also considering other options for the business.
The move received backing from Jimmy Choo’s main shareholder JAB Holdings, which is also an investor in Krispy Kreme donuts and luxury firm Coty.
As well as shoes, Jimmy Choo produces a range of luxury goods, but has seen sales slow in recent years.
Its footwear is often seen on the red carpet worn by celebrities such as Jennifer Lopez and Bella Hadid.
The company said in a statement: “The Board of Jimmy Choo announces today that 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.
“Jimmy Choo has discussed the strategic review process with its majority shareholder, JAB Luxury GmbH, and JAB Luxury has confirmed that it is supportive of the process.”
JAB Luxury, which owns 68% of Jimmy Choo, said there was “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”.
Jimmy Choo’s sales growth was 2% in 2016 compared with 7% in 2015 and 12% in 2014, analysts at HSBC noted last month.
The company, which has more than 150 stores worldwide, listed on the UK stock market in 2014. Its shares have gained more than 20% this year, giving it a market value of £670m.
