Jimmy Choo plans to open 10 to 15 stores a year following its float on the London Stock Exchange today (October 22), focusing on the Asian market.
Two thirds of the new stores are expected to be in China, as the business feels it is “under-represented in the region” compared to other luxury brands. It will also target the Middle East, South Korea, Singapore and Malaysia. It currently has 43 stores in Asia, including 10 in China and 27 in Japan.
The luxury brand was valued at £545.6m today, after pricing its shares at 140p per share - the bottom of its range.
The company’s original range was 140p-180p, which narrowed to 140-160p last week. It offered 25.9% of the business in the deal.
Jimmy Choo’s revenues jumped 9.4% to £150.2m in the six months to June 30, compared with a year earlier.
It currently has four UK stores, all based in the capital – New Bond Street, Sloane Street, Dover Street and Westfield London – and is stocked in Selfridges, Harvey Nichols and Harrods. In total it has 120 stores worldwide.
The group’s non-executive chairman Peter Harf said the business would shift to a “regional mix more in line with the wider luxury market through growth in Asia and selected new markets, while maintaining its presence in EMEA (Europe, Middle East and Africa) and the US”. Jimmy Choo chief executive Pierre Denis said the IPO marked an “important milestone” for the brand.
“[It] recognises not only the appeal of our high quality products but also confidence in our ability to outperform the luxury shoe market. We welcome our new shareholders and look forward to sharing with them the continuing momentum of this exceptional brand.”