Jimmy Choo defies the turmoil for flotation

Designer shoe brand Jimmy Choo, made famous by the character Carrie Bradshaw in the hit US TV show Sex and the City, defied turbulent conditions in financial markets as it pressed ahead with its stock market flotation.
By The Newsroom
Published 17th Oct 2014, 18:09 BST
Sarah Jessica Parkers character Carrie Bradshaw in Sex and the City helped to make Jimmy Choo shoes a must-have fashion accessory.Sarah Jessica Parkers character Carrie Bradshaw in Sex and the City helped to make Jimmy Choo shoes a must-have fashion accessory.
Sarah Jessica Parkers character Carrie Bradshaw in Sex and the City helped to make Jimmy Choo shoes a must-have fashion accessory.

The seller of high-heeled shoes for the stars began conditional dealings with shares priced at 140p, valuing the business at £545.6m.

Jimmy Choo stock was trading close to its opening mark after pricing the float at the bottom end of its previous guidance of between 140p and 180p.

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Jimmy Choo sold just under 26 per cent of itself to investors, with just over 70 per cent of the business held by its founding company JAB Luxury and the remaining shares split between its senior directors and other employees.

Chief executive Pierre Denis said: “We are delighted with our successful IPO.

“Today’s announcement marks 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.”

The business said it will use the money to open 10 to 15 stores a year, and focus on growing its Asia markets.

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The business, which also sells bags and accessories, was founded by former Vogue accessories editor Tamara Mellon and Malaysian designer Jimmy Choo who opened their first store in 1996.

It now has about 120 shops around the world and turned in an adjusted pre-tax profit of £46.9m on sales of £281.5m in its last financial year.