Jimmy Choo Puts Itself Up for Sale After Share Price Rebound
(Bloomberg) -- Luxury shoemaker Jimmy Choo Plc put itself up for sale after its share price rebounded to a level consistently above the value of its 2014 initial public offering.
The company will conduct a review of strategic options to maximise value for shareholders and is seeking offers, Jimmy Choo said in a statement Monday. Controlling shareholder JAB Luxury GmbH, part of the investment arm of the billionaire Reimann family, is supportive of the plan, it said.
Jimmy Choo endured a tough first couple of years after its October 2014 IPO, its shares falling to as low as 95.95 pence from the 140 pence offer price in June last year. The price recovered to IPO levels at the end of 2016, and has since climbed further as luxury stocks have risen on a rebound in industry demand.
Bank of America Merrill Lynch and CitiGroup are handling the auction process, the company said.