Home International News Luxury retailer Coach tipped to buy Jimmy Choo in £1 billion deal

Luxury retailer Coach tipped to buy Jimmy Choo in £1 billion deal

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Luxury shoe and bag retailer , with market value of over 700 million pounds (Rs 5,800 crore), had in April 2017, put itself up for sale. The retailer said it had “decided to conduct a review of the various strategic options open to the company to maximise value for its shareholders” and that it was seeking offers for the business, reports theguardian.com.

Luxury retailer Coach tipped to buy Jimmy Choo in £1 billion deal
Coach also owns US shoe brand 
Stuart Weitzman, and is vying with rival Michael Kors to buy US accessories firm Kate Spade

Jimmy Choo, which rose from humble origins in a Hackney cobblers workshop to become one of Britain’s best-known fashion brands, is up for sale after struggling to retain the cachet it held in the early 2000s.

ALSO READ: Retailer Jimmy Choo puts itself up for sale

New York-based “is scouring for luxury brands to buy following last year’s failed £20bn tilt at British fashion house Burberry,” according to the London Telegraph, which reported ’s interest over the weekend.

Coach also owns US shoe brand 
Stuart Weitzman, which is fronted by model Gigi Hadid and is vying with rival Michael Kors to buy US accessories firm .

The report, which cited bankers as sources, said Jimmy Choo was “unlikely to attract luxury houses such as Kering or LVMH, which have been working to streamline their businesses, rather than expand.”

Middle Eastern buyers including 
Qatar’s , which owns stakes in luxury businesses including , and , are also possible bidders, according to the report.

This would be the fourth time the company has changed hands since being founded in the early Nineties.

Jimmy Choo’s shares have recovered by a third over the past year as demand for luxury goods begins to resurface.