Retail industry news : British luxury retailer Jimmy Choo up for sale

British luxury retailer Jimmy Choo which specializes in upscale shoes, accessories, handbags and fragrances, has listed itself up for sale following a review of its business according to the latest retail industry news.

Jimmy Choo is mulling over various strategic options it has in a bid to give maximize value for its stakeholders and in this regard, is seeking potential buyers for its retail business.

Starting off from London in 1996, Jimmy Choo has grown into more than 150 stores and has operations in several countries.

Jimmy Choo stores can be located in various department and specialty stores in many countries.

Inventory of the the British luxury retailer, Jimmy Choo features women’s footwear, small leather goods, men’s footwear, sunglasses, eyewear, scarves, handbags, belts among other accessories along with branded perfumes.

Inside a Jimmy Choo store in Beverly Hills, US. Photo courtesy of Jimmy Choo.

A takeover panel has been formed by Jimmy Choo to conduct talks with potential buyers for its luxury shoe retail business.

The British luxury retailer has given the task of carrying its formal sale process to BofA Merrill Lynch and Citi.

Jimmy Choo on putting it up for sale, stated: “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.”

JAB Luxury, the majority stakeholder, has already given consent to the sale of the London Stock Exchange listed British luxury retailer Jimmy Choo.

JAB Luxury stated: “JAB Luxury notes the announcement made by Jimmy Choo today, regarding a review of strategic options, including a possible sale of the company. JAB Luxury is supportive of this process.

“There can be no certainty that a sale of all or any of JAB Luxury’s shareholding in Jimmy Choo will take place, nor as to the terms on which any such transaction may take place.”

In another development, JAB Holdings, the parent of Jab Luxury revealed that it was reviewing strategic options regarding its investment in Bally, a Switzerland-based luxury footwear company. The investor said that it wanted to move away from the luxury retail business and focus on making investments on coffee and food chain businesses.

As part of this, JAB Holdings had agreed to buy bakery company Panera Bread in a $7.2 billion deal.