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Posted: April 24, 2017

Luxury retailer Jimmy Choo up for sale 

LONDON - NOVEMBER 23: A shopper peers in the window of the store Jimmy Choo on Bond Street on November 23, 2007 in London. (Photo by Cate Gillon/Getty Images)
Cate Gillon/Getty Images
LONDON - NOVEMBER 23: A shopper peers in the window of the store Jimmy Choo on Bond Street on November 23, 2007 in London. (Photo by Cate Gillon/Getty Images)

By Beth Sawicki, Rare.us

Luxury retailer Jimmy Choo is on the market.

>> Read more trending news 

The BBC reports the high-end shoe brand is seeking offers, but has not yet received any bids. 

Jimmy Choo believes a sale would “maximize ... value for its shareholders,” a company statement said Monday.

Right now, the British brand has a market value of nearly $900 million and operates more than 150 stores worldwide. 

According to Business Insider, its shares slumped last summer, but have since rebounded, increasing 35 percent over the last year.

JAB Holdings Inc., a long-term investment company, currently holds 68 percent of Jimmy Choo. While it is “supportive of the process,” it also said there is “no certainty that an offer will be made, nor as to the terms on which any offer will be made.”

JAB Holdings, which also holds ownership in Krispy Kreme and Caribou Coffee, purchased Panera Bread earlier this month.

>> Related: Krispy Kreme owner buys Panera Bread for $7 billion

Jimmy Choo was co-founded in 1996 by former “Vogue” editor Tamara Mellon and Choo, who once worked for Princess Diana.

The brand received global attention after its shoes appeared in films “Sex and the City” and “The Devil Wears Prada.”

A single pair of Jimmy Choo shoes can sell for more than $1,000.

Traditional retailers have faced recent tough times. Many iconic brands, from Bebe to Ralph Lauren, are closing stores and taking other drastic measures to stay afloat. Department stores, including Macy’sSears, and J.C. Penney, are shuttering mall locations nationwide. Billionaire investor Warren Buffett blamed the trend in part on the rise in popularity of e-commerce companies, such as Amazon.

>> Related: Wet Seal closing all stores

>> Related: Payless ShoeSource to close 400 stores, files for bankruptcy


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