The German billionaire Reimann family, which control JAB Holding, and own a 67.6% stake in Jimmy Choo, have decided its time to sell.
On Monday, Jimmy Choo, the luxury shoe brand announced that it was putting itself up for sale. JAB had acquired the brand back in 2011 for a whopping 540 million pounds, or $800 million at the time. The company was taken public in 2014.
JAB is also potentially selling Bally, a Swiss leather goods company.
Could these sales be because the company just announced this month to buy Panera Bread for $7.5 billion including debt?
Selling both Jimmy Choo and Bally would mean no more ownership in fashion industry for the billionaire family.
According to documents seen by The New York Times, “JAB has, however, made significant investments in coffee and related areas in recent years, and as a result, now considers its investment in luxury as noncore.”
JAB had entered the luxury market in 2007 and acquired leather-goods names like Jimmy Choo, Bally and Belstaff, all under the division called Labelux.
So far there have not been any bids for Jimmy Choo yet, but it’s something to watch out for. Since JAB’s announcement, shares of the luxury shoe brand have climbed over 9%.