Jimmy Choo shares step up ahead of entry to market
SHARES in luxury shoemaker Jimmy Choo yesterday inched higher on its much-anticipated stock market debut.
Listed at 140p, they closed at 144p, valuing the group at £550million, below the £700million valuation owner JAB Luxury was initially targeting. JAB sold a 25.9 per cent stake in the business after originally setting a share price range of 140p to 180p.
Chief executive Pierre Denis said the listing marked “an important milestone for Jimmy Choo and recognises not only the appeal of our high-quality products but also confidence in our ability to outperform the luxury shoe market”.
Jimmy Choo sells women’s and men’s shoes priced at around £400 across 120 countries.
It plans to open up to 15 stores a year including a major push in China.
However one concern for Jimmy Choo will be a weakening of Chinese consumer spending across the luxury sector.
Prada and other high-end brands have suffered from falling demand recently in this market and last week shares in Burberry and Mulberry fell on worries about the outlook.