Jimmy Choo steps forward with £800m listing plan

Patience paid off in the City today as the long-awaited floats of shoe brand Jimmy Choo and housebuilder Miller Homes were confirmed in a bumper week for London listings.

Miller, set to be valued at £450 million and Choo, expected to be valued at up to £800 million, follow UK bank Aldermore, which yesterday announced plans to float.

A 25% stake in luxury brand Jimmy Choo will be listed in London next month by owner Joh. A. Benckiser’s JAB Luxury arm.

The brand, which has been owned by a number of private equity houses before being bought by JAB in 2011, announced a strong line-up of eight non-executive directors including former Reckitt Benckiser boss Bart Becht.

Chief executive Pierre Denis said: “Jimmy Choo is an outstanding business operating in one of the fastest growing segments of the luxury market.”

The group said current trading was strong, with first-half sales of £150.2 million, up 9.4% on last year with like-for-like sales up 2.2%. Choo has been opening about 15 shops a year, and industry experts say it can grow to about 300 shops globally, with Asia a target for growth.

Meanwhile Miller Homes, part-owned by GSO Capital, RBS and Lloyds Banking Group, will sell at least a 40% stake and will be spun out of parent Miller Group. It plans to raise £140 million by November to pay down debt.