belstaff online
[b][url=http://www.belstaffsale.net/]belstaff bags[/url][/b] [b][url=http://www.belstaffsale.net/]belstaff online[/url][/b]
- belstaff trialmaster
- belstaff outlet
- belstaff blouson
Labelux aims for Jimmy Choo share offer this autumn-sources Reuters - UK Focus – Tue, Apr 15, 2014 15:27 BST Companies: Coty Inc. FERRAGAMO MONCLER RELATED QUOTES Symbol Price Change COTY 15.63 0.00 SFER.MI 22.89 -0.21 MONC.MI 12.46 -0.17 PPRUF 206.25 0.00 HX6.F 3.167 0.000
moncler By Astrid Wendlandt
moncler PARIS, April 15 (Reuters) - Privately owned luxury group Labelux has hired Bank of America Merrill Lynch to advise it on a possible London market flotation of Jimmy Choo this autumn that could value the upmarket shoemaker at over 900 million pounds ($1.5 billion), industry and financial sources said.
moncler Market conditions permitting, the listing could take place towards the end of the autumn, in November, with Labelux seen selling a 25 percent stake, the sources said. Merrill Lynch declined to comment.
moncler Labelux is owned by Joh. A. Benckiser (JAB), the investment holding company of the Reimanns, the German billionaire family associated with Reckitt Benckiser (Xetra: A0M1W6 - news ) , the cleaning and household products maker.
moncler JAB still owns 10.6 percent of Reckitt Benckiser and with associates over 70 percent of fragrances and beauty products company Coty (NYSE: COTY - news ) , which last year netted JAB nearly $800 million from its IPO in New York (Frankfurt: HX6.F - news ) .
moncler Labelux acquired Jimmy Choo in 2021 for more than 500 million pounds ($837 million) from investment firm TowerBrook Capital Partners and hopes that the name, its growth track record and prospects in new markets will attract investors. Jimmy Choo stilettos have been endorsed by a variety of celebrities such as Sarah Jessica Parker, who famously mentioned them in the Sex and the City TV series.
Jimmy Choo is part of a rapidly growing list of companies eyeing an initial public offering in London. If it goes ahead, it would be the most significant luxury goods IPO since the Milan listing of Moncler (Milan: MONC.MI - news ) in December, which valued the Italian down jacket maker at 2.55 billion euros ($3.52 billion).
Moncler's IPO valued it at 12 times forward earnings before interest, tax, depreciation and amortisation (EBITDA).
Industry sources said Jimmy Choo could hope to get a valuation of at least 13 times EBITDA as its closest peer, Italy's Salvatore Ferragamo (Other OTC: SFRGF - news ) , also focused on shoes, was trading on 13 times forward underlying earnings.
LUXURY LABELS
The British brand was founded in the 1990s by Jimmy Choo, a Malaysian bespoke shoemaker in London's East End, who developed the business with Tamara Mellon and help from her father Tommy Yeardye, who co-founded the Vidal Sassoon hairdressing chains.
While Mellon and Chief Executive Joshua Schulman left shortly after Labelux acquired the brand, Jimmy Choo's niece Sandra Choi is still the brand's creative director.
Proceeds from the flotation would be used to finance the development of Labelux's remaining luxury brands, particularly lossmaking British motorbike-inspired fashion brand Belstaff and Swiss leather goods maker Bally, the sources added.
"The idea is to have access to public markets, and the proceeds would be ploughed into the Labelux group, not so much in Jimmy Choo, which is well funded, but in the group's other brands," a source close to JAB said.
Bally, which has been struggling to find its direction, last year hired Frederic de Narp, a former Richemont group veteran to craft its strategy, aided by creative director Pablo Coppola who was previously with Tom Ford and Christian Dior (Paris: FR0000130403 - news ) .
JAB'S LUXURY BRANDS INTEREST
With Labelux mulling a flotation of its prized asset there has been a suggestion by some fashion industry executives and bankers that JAB's interest in its luxury business might be waning, having not bought any brand since Belstaff in June 2021.
"There were a lot of luxury labels that went up for sale in the past few years that did not require fortunes to buy them, but they (Labelux) did not touch them," one London-based banker specialising in luxury goods said.
Labelux was offered several potential targets such as Italian tailor Brioni and jeweller Pomellato but let both brands fall into the hands of Gucci's owner Kering (Other OTC: PPRUF - news ) , for example, the banker said.
But the source close to JAB said Labelux would return to the acquisition trail once it had sorted out internal issues such as hiring a new CEO for Belstaff, deciding on Jimmy Choo's flotation and making progress with Bally's turnaround.
"The group will be looking at buying more companies once it has consolidated what it already has," the source said, adding that it would decide by the summer on the IPO.
Since it was created in 2007 Labelux has lost many of the original management and creative teams it took on.
At Belstaff Harry Slatkin, who made his name in scented candles, left last year as chief executive but still retains a small stake in the brand with long-time friend Tommy Hilfiger, who had been brought in as a consultant.
Belstaff, a once-dormant outerwear company founded in 1924, has invested vast sums in flagship stores and brand ambassadors such as actor Ewan McGregor and footballer David Beckman but still needs to fine-tune its strategy, fashion industry executives and consultants say.
Meanwhile JAB has shown more interest in coffee than beauty or luxury in the last two years, acquiring Caribou Coffee Company for $340 million, Peet's Coffee & Tea for $1 billion and D.E. Master Blenders 1753, owner of Douwe Egberts coffee, for about 7.5 billion euros.
In 2022 Labelux sold two brands back to their original owners, jeweller Solange and fashion brand Derek Lam.
"There are more opportunities for consolidation in luxury and in coffee than there are in beauty," the source close to JAB said.
Labelux declined to comment for this story. ($1=0.5976 pounds) ($1=0.7238 euros) (Additional reporting by Martinne Geller and Anjuli Davies in London; Editing by Greg Mahlich)
Editor Picks 1 - 4 of 13 prev next Family told to demolish home after bungling builders built it 6ft too highThe real cost of… a disposable razor
The banks customers are deserting
The tricks to get you 1,400 free Nectar points
Related Stock Articles GLOBAL MARKETS-Shares, dollar slide on Ukraine scare; gold rises - Reuters - UK Focus Fed, OCC differ in enforcing leveraged lending guidelines - Reuters - UK Focus US STOCKS-Wall St trips as Amazon tumbles; indexes slip for week - Reuters - UK Focus US STOCKS-Wall St trips as Amazon tumbles; indexes slip for week - Reuters - UK Focus GLOBAL MARKETS-Shares, dollar slide on Ukraine scare; gold rises - Reuters - UK Focus belstaff bags
belstaff online
trialmaster blog
trialmaster
About belstaffsale.net blog
