Jimmy Choo to focus on Asia

Shoe retailer Jimmy Choo has successfully raised about STG140 million in a London IPO which defied turbulent global financial market conditions around the globe.

The company sold almost 26 per cent of its shareholding at 140p a share and says it will use the money to open 10 to 15 new stores a year, with a focus on expanding in its Asia markets.

The vast majority of the company remains in the hands of its founding company JAB Luxury with a small parcel of remaining shares held by senior staff.

The business, which also sells bags and accessories, was founded by former Vogue accessories editor Tamara Mellon and Malaysian designer Jimmy Choo who opened their first store in 1996. Choo now has no association with the company, despite it bearing his name,  and has since launched his own brand Jimmy Choo Couture.

Jimmy Choo now has about 120 shops around the world from which it earned STG46.9 million on sales of STG281.5 million in its last financial year.

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