Shoe maker Jimmy Choo is seeking to raise funds through an IPO in London to support Asian expansion.
Owner, JAB Luxury, plans to sell at least 25 per cent of Jimmy Choo through an initial public offering (IPO) on the LSE, a deal that could value the shoe maker at over 700 million pounds ($1.2 billion).
Jimmy Choo, founded by Malaysian bespoke shoe maker Jimmy Choo in 1990s but who was later bought out of the business, had 120 directly-operated stores as of June. JAB Luxury acquired the brand in 2011 for more than $800 million.
The company plans to use the proceeds to expand in Asia, particularly in China. It is looking to open up to 15 stores a year until 2016, five of them in China.
“There are opportunities for specialist shoe brands to come into the Chinese market,” said Jimmy Choo CEO Pierre Denis. “We feel very strongly that there is no reason why one day the Chinese client will not want to have shoes coming from a specialist company.”