LONDON — Fashion’s initial public offering fever shows no signs of cooling, and the latest company said to be mulling an IPO is Jimmy Choo.
According to industry sources familiar with the situation, Jimmy Choo has embarked on a path that could lead to an IPO over the next 12 months, with a market valuation of 1 billion pounds, or $1.66 billion at current exchange.
However, the sources said there are “many other options on the table,” and that floating a minority stake is just one of them. Jimmy Choo’s parent, Labelux Group, has met with investment bankers over the past month to discuss the possibility of a partial IPO, but talks are apparently at a very early stage.
On Sunday, Labelux declined to comment on its plans for a float and said: “Jimmy Choo is a clear success story with strong momentum, and we regularly review the status of our investments. No decision has been taken.”
An industry source told WWD: “Labelux has a long-term vision and development plan for Jimmy Choo and has no intention of giving up control of the company. If there is any listing at all, it will be a minority one. The company has been expanding over the past three years, and it’s a very normal process to discuss the next steps to accelerate growth. The reality is that anything can happen in this climate: There is a financial bubble that favors IPOs now, but anything can happen to change that. Look at what is happening in Ukraine.”
News of a possible Jimmy Choo IPO first appeared in The Sunday Times of London.
Jimmy Choo has been notching “high-double-digit growth” in the past three years since Labelux Group, whose holdings also include Bally and Belstaff, acquired it in a deal valuing Jimmy Choo at 549 million pounds, or $889.4 million.
Under its creative director Sandra Choi, the company has expanded its offer beyond the stiletto and into men’s wear, accessories, and fragrance. Last month it launched a collection called Choo.08°, a collection of flats, trainers, and lower heels aimed at women who spend their days running between appointments. In September, Choo will launch its first men’s fragrance with Inter Parfums.
In December, Jimmy Choo relaunched its Web site as part of its vision to become an omnichannel operation, and later this year plans to unveil local-language transactional Web sites in Japan and China. Under the stewardship of chief executive officer Pierre Denis, the brand has been pushing deeper into Asia and international markets.
It opened a men’s store in Shanghai in December, and will open one on the luxury shopping street of Omotesando in Tokyo in March. In April, Jimmy Choo will unveil its new shop concept, designed by David Collins Studio, in Beverly Hills.
There have been several recent fashion and retail IPOs.On Friday, online fast-fashion retailer Boohoo.com went public on London’s AIM market and saw its shares rocket 70 percent to a high of 85 pence, or $1.41, while the Indian online fashion retailer Koovs successfully made its debut on the same London market on March 10.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye