Liberum sells down GIC's stake in Jimmy Choo


The footwear brand, in a filing on August 31, said that GIC – which bought shares worth 4.6% of the company during its London listing in October 2014 and then increased that stake to 6.1% in September 2015 – had dropped its stake in the business on August 25 to 3.99%.

Liberum Capital placed most of the roughly nine million shares sold, according to a person familiar with the process. Jimmy Choo shares closed trading on August 25 at 124p each.

The selldown makes GIC Jimmy Choo’s third-largest shareholder, having been its second-largest behind JAB Luxury, the holding company of founder and fashion designer Jimmy Choo. The company’s second-largest shareholder is now Ethenea Independent Investors.

Diana, Princess of Wales was one of the customers that helped make the handmade shoes an icon in the 1990s. Its fictional customers include Carrie Bradshaw from Sex and The City.

The person said that concerns over the Chinese economy in 2015 and an assumption that Jimmy Choo would be hurt by China’s woes had led to a “misunderstanding” of the London-based brand, adding that one of the problems for brokers had been that the stock was illiquid.

“Brokers were on their knees praying for today, to give them some stock to sell for people who wanted it,” the person said.

Bank of America Merrill Lynch, HSBC and Germany’s BHF-Bank helped bring Jimmy Choo to market on the London Stock Exchange two years ago, with the IPO valuing the business at £547.5 million.

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