Austrian investment firm JAB Holding wants to sell Swiss shoe brand Bally, hoping to get at least 600 million euro. The same company sold shoe brand Jimmy Choo not too long ago, as it wants to focus on its food brands henceforth.
Focus on drinks and food
Bally’s sale fits JAB Holding’s strategy to sell its luxury brands. Jimmy Choo has already been sold, Bally is next and that leaves only leather brand Belstaff. The investment firm wants to focus on drinks and food in the future, like its coffee brands (including Douwe Egberts), and its more than 2,000 sandwich shops in the United States and Canada. Perfume and cosmetics firm Coty is also part of the JAB empire.
JAB had acquired Bally in 2008, buying it from American investment firm Texas Pacific Group. The shoe brand has a turnover of about 400 million Swiss francs (350 million euro).
It was revealed only last month that Michael Kors was luxury shoe brand Jimmy Choo’s new owner. The American fashion company had to pay 896 million pounds (1 billion euro) for the brand. JAB owned 70 % of Jimmy Choo’s shares and announced in April it wanted to find a new owner.