Culture
11:59, 18-Aug-2017
JAB kicks off sale process for luxury shoe brand Bally
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Billionaire Reimann family owned JAB Holding Co. has kicked off the sale process for luxury shoe brand Bally International AG, hoping to get at least 600 million euro (707 million US dollars), following a recent sell-out of another luxury fashion brand Jimmy Choo.
Marketing materials were said to be sent out to potential suitors and indicative bids were asked for by mid-September, Bloomberg reports citing people familiar with this matter.
The deal is expected to draw interest from private equity firms and Asian fashion companies.
This is widely regarded as another step for the Vienna-based family JAB's strategy of diverting its focus from luxury brands to beverages and food in the future.
Bally was founded in Schonenwerd, Switzerland in 1851 and was formerly owned by American investment company Texas Pacific Group. JAB acquired Bally in 2008 after it suffered years of losses.
In July, the corporate just sold London-based shoe manufacturer Jimmy Choo Plc to Michael Kors Holdings Ltd. for 1.2 billion US dollars.