Shoemaker to the stars Jimmy Choo stepped out Friday on the London stock market in a float valuing the business at £545.6 million ($877 million, 685 million euros).
Jimmy Choo, whose celebrity fans include Kate Middleton, Michelle Obama, Nicole Kidman and Lady Gaga, began conditional dealings with shares priced at 140 pence on the London Stock Exchange.
The company said in a statement that its owner, investment firm JAB Luxury, had sold a 25.9-percent stake in the partial initial public offering (IPO).
The IPO is aimed at raising cash to help the shoemaker tap further into strong Asian demand for luxury goods, particularly in China and Japan.
“We are delighted with our successful IPO,” said Jimmy Choo’s chief executive, Frenchman Pierre Denis.
“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.
“We welcome our new shareholders and look forward to sharing with them the continuing momentum of this exceptional brand.â€
The top-end luxury brand, whose shoes retail at between £350 and £2,100 per pair, will use the IPO proceeds to open between 10 to 15 stores a year.
Jimmy Choo, which posted sales of £282 million last year, has 120 stores.