Luxury shoe and bag retailer Jimmy Choo, with market value of over 700 million pounds (Rs 5,800 crores), has been put up for sale. The retailer says they have decided to conduct a review of the various strategic options open to the company to maximise value for its shareholders. The move was backed by the company's independent directors and JAB luxury, its majority shareholder with a stake of 68 per cent. JAB, an investment company owned by Germany's billionaire Reimann family, wants to sell its stake in the shoes group to focus on food and other consumer goods.

Shares in Jimmy Choo jumped 10 per cent to a record high of 186.25 pence on the news, valuing the group at more than 720 million pounds. The company floated on the stock market in 2014 at a price of 140 pence a share, valuing it at about 550 million pounds.

The sale is expected to attract interest from strategic American buyers as well as Chinese and Russian bidders. The company was founded in London in 1996 by the Malaysian fashion designer Jimmy Choo and the then Vogue accessories editor Tamara Mellon. It runs 150 stores around the world including India, opening 10 last year as well as refitting 16 shops. Men's shoes remain its fastest-growing category and account for nine per cent of revenue.

Since the EU referendum and is expanding in China Jimmy Choo company has benefited from the drop in Sterling. It has fared better than other luxury retailers such as Burberry, which were hit by Chinese tourists cutting back on luxury purchases.