Designer shoe brand Jimmy Choo puts itself up for sale

Jimmy Choo has put itself up for sale, as management conducts a wide-ranging review of the designer shoe retailer.

The firm said it has discussed a strategic review process with its majority shareholder, JAB Luxury, which supports the move.

It added that the UK Takeover Panel has agreed any talks with third parties may be conducted within the context of a "formal sale process" to allow conversations with parties interested in making a proposal to take place on a confidential basis.

The retailer – whose shoes were made famous by the character Carrie Bradshaw in TV show Sex and the City – posted adjusted earnings up 13% to £31.3m in August.

The London-listed group, led by chief executive Pierre Denis, said it expected to trade strongly in the second half of 2016 due to a weaker pound following the UK's Brexit vote.

Jimmy Choo floated on the stock exchange in October 2014 at a price of 140p a share. The stock is now around 20% higher, at 168p, giving it a market value of almost £640m.

The firm, which operates more than 140 stores around the world, celebrated its 20th anniversary last year.

The business, which also sells bags and accessories, was founded by former Vogue accessories editor Tamara Mellon and Malaysian designer Jimmy Choo, who opened their first store in 1996.

Jimmy Choo said the sale will be handled by Bank of America Merrill Lynch and Citi, adding it has not currently received any approaches for the business.