Jimmy Choo Up for Sale
British fashion chain Jimmy Choo said Monday that it had put itself up for sale, saying it would consider "various strategic options," including a sale of the company. Jimmy Choo's largest shareholder, JAB Luxury, which owns 66.7 percent of the company's shares, said it "is supportive of this process." The seller of high-end shoes, handbags and accessories also reported Monday that sales at its stores that have been open at least a year fell 0.8 percent in 2016, after increasing 1.1 percent in 2015 and 5.7 percent in 2014. Jimmy Choo had 150 company-owned stores worldwide and 64 franchised stores as of Dec. 31, and planned to open about 10 new locations in 2017.
Total Retail's Take: Unfortunately, Jimmy Choo's decision to look for a buyer isn't surprising in today's struggling retail climate. Many luxury brands, including Jimmy Choo, are grappling with sluggish sales and looking to sell as a result. Upscale retailer Kate Spade recently declared that it would consider similar options, likely including a possible sale. Luxury brands, known for their in-store experiences, will have to transition to e-commerce as well to thrive.