Jimmy Choo, the maker of luxury shoes and accessories, is putting itself up for sale.
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Jimmy Choo’s says that it is putting itself up for sale in an effort to “maximise value for its shareholders”. The company’s Board has spoken with JAB Luxury, its majority shareholder, and it is supportive of the sale effort.
Jimmy Choo says that it currently isn’t in talks with anyone about the sale of the company. However, it says that that those interested in making a proposal for it should get in contact with BofA Merrill Lynch or Citi.
Jimmy Choo also notes that it will be conducting talks with companies in the form of formal sales processes. This allows parties that are interested in acquiring the company to start negotiations without having to be publicly identified. This also removes the 28-day deadline included in the Takeover Code.
Jimmy Choo points out that it retains the right to end discussions with interested parties at any time. It also says that its efforts to find a buyer may not be successful and that it may put an end to the sale offer.
Jimmy Choo’s decision to put itself up for sale comes as it faces slowing growth. Sales growth in 2016 was 2%, which is down from sales growth of 7% in 2015. JAB Luxury, which has a 68% stake in the company, has also been moving away from fashion. It is considering the sale of Swiss handbag and shoe maker Bally, reports BBC News.