Jimmy Choo To Float On London Stock Exchange

Luxury shoe brand Jimmy Choo has confirmed its intention to float on the London Stock Exchange.

The company said it was targeting a minimum free float of at least 25% of existing shares in Jimmy Choo.

The proceeds would be used to help fund its growth strategy, including a new store concept, and "expansion into Asia and selected new markets".

The initial public offering (IPO), set to take place next month, could value Jimmy Choo at more than £700m.

Jimmy Choo was bought by JAB Luxury in 2011 - 15 years after its first London store was opened by co-founders Tamara Mellon and designer Jimmy Choo.

Jimmy Choo co-founded the company but left in 2001

The brand - made famous by the character Carrie Bradshaw in TV's Sex And The City - grew to become a "must have" in the luxury market - with annual sales growth running at more than 10%.

It now operates from 120 own-stores worldwide.

Jimmy Choo left the company in 2001 and Tamara Mellon in 2011. Choo's niece, Sandra Choi, is now the company's creative director.

Chief executive Pierre Denis said: "Jimmy Choo is a clear success story with strong momentum and I am confident that our future as a public company can only extend our reputation and position in this attractive sector."

Revenues in the first half of the year grew 9.4% on the same period last year and Jimmy Choo said it had enjoyed an "encouraging start" to its second half.

Jimmy Choo is likely to be one of a number of high profile names joining the stock market in the coming weeks after the removal of uncertainty over the Scottish referendum result.

Motoring breakdown service the RAC is also said to be near to announcing plans to go public, while challenger bank Aldermore and housebuilder Miller have already disclosed their listing plans.

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