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00:00:01
>> If ever there's been an, it shoe, it was Jimmy Chu. The sexy spiked heel brand that soared to popularity as the favorite footware on HBO's Sex and the City, and has been seen on many famous feeds since. And that makes the announcement Monday that it's putting itself up for sale a bit of a surprise.
00:00:20
The British company founded in 1996 by its namesake Malaysian Designer Jimmy Chu, and then British Vogue editor Tamara Melon, has actually faired better then some other luxury brands of late. It's stock price increasing 35% over the past year as the business expanded into China, and the fast growing sector of men's designer shoes.
00:00:40
But majority share holder JAB Luxury, owned by Germany's billionaire Ryman family, is shifting its focus to food and other consumer goods, according to British paper, The Guardian. JAB has been building an empire of coffee brands, recently adding Krispy Kreme Doughnuts to its portfolio. The Guardian adding that it plans to use proceeds from a Chu shoe sale to eye the likes of Nestle.
00:01:05
Jimmy Chu valued at $840 million as of Friday's market close, its shares rising on the London Stock Exchange Monday, on the news of the potential sale.