Jimmy Choo steps into stock market
Designer shoe brand Jimmy Choo defied turbulent conditions in financial markets today as it pressed ahead with its UK stock market flotation.
The seller of high-heeled shoes for the stars began conditional dealings with shares priced at 140p, valuing the business at £545.6m.
The 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.
The listing comes after UK challenger bank Aldermore ditched its £800 million initial public offering (IPO) on Wednesday, citing a slump of 9% for the FTSE 100 Index since the start of September.
Scottish construction firm Miller also dropped plans to list its housebuilding division last week, but Newcastle-based lender Virgin Money, which has 2.8 million customers, still has plans to float.
Jimmy Choo sold just under 26% of itself to investors, with just over 70% 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.
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.
The company's shoes were made famous by the character Carrie Bradshaw in the hit US TV show Sex and the City.
