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“I’ve lost my Choo!” Carrie Bradshaw shrieks in an episode of Sex and the City when the fictional sex columnist with a penchant for luxury heels, loses her Jimmy Choo while running to catch a ferry. Oh, how prophetic a statement, as it was announced on April 24 that parent company, JAB Holding is putting Jimmy Choo on the market, according to a report published in The New York Times.
In the aforementioned report, it’s noted that JAB acquired Jimmy Choo in 2011 for $800 million or £500 million. Since then, JAB Holdings has moved from snatching up luxury brands to coffee (Peet’s Coffee & Tea, Caribou Coffee and Keurig Green Mountain) and sandwiches (earlier this month JAB Holdings bought the chain Panera). JAB, which has its headquarters in Luxembourg, is focussed on its holdings in the beauty empire Coty as well caffeinated beverages and snacks.
What bearing does this news have on the luxury goods market? Especially high-end high heels?
Lovers of luxe shoes need not despair. According to another article in The New York Times, department stores acquire thousands of square feet of space devoted entirely to footwear, suggesting that luxury shoes are the accessory of choice, even surpassing handbags, for those who love to spend money on extravagant statement pieces. (If you are wondering, Dubai has the largest emporium of luxury shoes in the world, with over 96,000 square-feet devoted to luxe shoes at the Level Shoe District Mall.)
Back to Jimmy Choo, its shares have hit a record high since the JAB announcement, with the business valued at $921 million or £720 million, according to Reuters. In other words, that’s lot of Choos. So, who will acquire the luxury label? “What remains to be seen is whether growing interest from Asia and the Middle East for luxury UK brands, will see Jimmy Choo receiving offers from foreign buyers searching for well-known British brands,” Jonathan Buxton, partner and head of consumer at Cavendish Corporate Finance says in the aforementioned Reuters article.
While lovers of the label are waiting to see who will take over Jimmy Choo, here are a couple choice styles that celebrate Jimmy Choo’s indelible mark on the luxury goods market: