Report: Jimmy Choo to go public at $1 Billion valuation
After 18 years in business, Jimmy Choo says it is preparing for an October initial public offering, which will list the company on the London Stock Exchange. The footwear company's owner, JAB Holdings, will likely sell at least 25 percent of its shares at its debut.
According to Bloomberg, Jimmy Choo will be looking for a roughly $1 billion valuation. Back in 2011, the company sold to Labelux for about $855 million; this past June, JAB Holdings took control of Labelux, bringing the shoe and handbag brand Bally under its wing as well.
Although many luxury companies have experienced faltering sales in China in recent months, Jimmy Choo is pursuing the region as a key part of its expansion strategy. CEO Pierre Denis told Bloomberg that the company's status as a "specialist brand" could work in its favor, noting that revenue in China is currently growing at a double-digit rate.
A rep for Jimmy Choo did not immediately respond to request for comment.
We'll definitely be watching to see how this one unfolds - and how much money the company can ultimately raise on its first day out.
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