Jimmy Choo to List Shares on London Stock Market

Jimmy Choo synonymous with luxury shoes plans an initial public offering on the London Stock Exchange next month with a valuation of about $1.3 billion.

The owners of the brand, investment firm JAB Luxury, have agreed to float a 25 percent stake in a bid to expand in to Japan and China, where there is a vast market for luxury goods.

"Jimmy Choo is an outstanding business operating in one of the fastest growing segments of the luxury market," said Pierre Denis, chief executive of Jimmy Choo, in a press statement released by the company.

According to sources in the market, the group is seeking to raise $320 million from the IPO in late October, reports AFP.

Luxury goods are facing a depleting demand with a volatile market and unfavorable exchange rates. "The market is difficult for some companies that have been in China for a long time," Denis said to reporters on a press call," reports The Washington Post.  "There are still opportunities for specialist brands."

"Sex and the City" TV show's character Carrie Bradshaw made the shoes famous bringing in high awareness for the iconic brand and the company wants to tap into this high brand awareness in the Asian market.

Choo was bought by JAB for $818 million in 2011. Jimmy Choo's revenue rose 16 percent to $46 million in 2013. Revenue grew 7.1 percent on a like-for-like basis, the company said.

The company plans on opening 10 to 15 stores a year, with growth in Asian markets a key target. The brand is already available in over 100 stores across the world.

"Since JAB Luxury acquired Jimmy Choo in 2011, the business has undergone significant investment and is now comprehensively scaled for growth," said the the group's non-executive chairman Peter Harf, reports AFP.