The London luxury shoe brand, Jimmy Choo, may soon be up for sale. The company’s shares rocketed more than 8%-10% after its main shareholder, JAB Luxury, (owned by German billionaire the Reimann family, which owns 68% of the company) looks to move away from fashion and focus more on its food and beverage endeavors, which include companies like: Peet’s Coffee, Caribou Coffee, Douwe Egberts, Krispy Kreme Doughnuts, and Panera Bread, to name a few.
The brand, which was originally founded by Malaysian shoemaker Jimmy Choo and former Vogue journalist Tamara Mellon in 1996, has struggled to find itself a target market in the Far East, even though it has outperformed rivals in recent years.
The brand’s lux men shoe line has seen the most growth and success, making up 9% of the company’s revenue. The brand has more than 150 stores worldwide.
The sale is expected to catch the attention of many strategic American buyers, as well as, Middle Eastern, Russian, and Chinese investors. Currently, the company has not received any bids yet and will continue to weigh all of its options to guarantee maximize value for its shareholders.
By Rhea Braganza