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Shoe and bag retailer Jimmy Choo puts itself up for sale

RBR Staff Writer Published 25 April 2017

British luxury shoe and bag retailer Jimmy Choo has put itself up for sale as it undertakes a review of its business.

The company is reviewing several strategic options to maximize value for its shareholders and is seeking offers.

Founded in London in 1996, Jimmy Choo operates over 150 stores with operations across the world.

Its stores can be found in several department and specialty stores in various countries. Its inventory includes women’s shoes, handbags, small leather goods, men’s shoes, scarves, sunglasses, eyewear, belts and fragrance.

Jimmy Choo has formed a takeover panel to carry out discussions with potential buyers. BofA Merrill Lynch and Citi have been entrusted to handle the company’s formal sale process.

A statement from Jimmy Choo in this regard, read: “It is currently expected that any party interested in participating in the formal sale process will, at the appropriate time, enter into a non-disclosure agreement and standstill arrangement with Jimmy Choo on terms satisfactory to the Board of Jimmy Choo and on the same terms, in all material respects, as other interested parties.”

“The Company then intends to provide such interested parties with certain information on the business, following which interested parties shall be invited to submit their proposals to BofA Merrill Lynch and Citi.”

Listed on the London Stock Exchange, the luxury retailer said that its majority shareholder, JAB Luxury was supportive of its sale process. JAB has a controlling stake of 67.66% in the British retailer.

JAB Luxury stated that it cannot assure of any certainty that a sale of all or any of its shareholding in the retail company will take place. It also said it would not give any guarantee on the terms of any such transaction that may happen.

Image: Jimmy Choo sells luxury ranges of shoes, handbags, small leather goods among others. Photo: courtesy of Jimmy Choo PLC.