Fancy A Pair Of Jimmy Choos For £2.80?

The luxury shoe brand Jimmy Choo has launched its London listing with shares at the bottom of its price range at 140p each.

The flotation, which offered investors a 25.9% stake, went ahead despite a nervous market for Initial Public Offerings (IPOs) given current market turmoil over the world economy and doubts about the luxury market in particular.

The listing price of 140p reflected those conditions, as the price range was set at 140p-180p only last month.

The shares rose by 0.5p on debut in early trading, giving the firm an equity value of £547.5m.

The proceeds from the sale, £141m, are to be used by Jimmy Choo's owner to help fund its growth strategy including a new store concept and "expansion into Asia and selected new markets".

Jimmy Choo was bought by JAB Luxury in 2011 - 15 years after its first London store was opened by co-founders Tamara Mellon and designer Jimmy Choo.

The brand - made famous by the character Carrie Bradshaw in TV's Sex And The City - grew to become a "must have" in the luxury market - with annual sales growth running at more than 10%.

It now operates from 120 own-stores worldwide.

Jimmy Choo left the company in 2001 and Tamara Mellon in 2011. Choo's niece, Sandra Choi, is now the company's creative director.

It was expected to be one of a number of high profile names joining the stock market late this year but challenger bank Aldermore recently confirmed it was cancelling its planned IPO.

Virgin Money confirmed later on Friday that it was delaying its flotation until such a time the market volatility eased.