Jimmy Choo is up for sale

Luxury fashion brand Jimmy Choo has put itself up for sale to "maximise value for its shareholders" and is looking for buyers.

"The board of Jimmy Choo announces today that it has decided to conduct a review of the various strategic options open to the company to maximise value for its shareholders and it is seeking offers for the company," the company said in a statement.

Valued at about £700m, analysts believe Jimmy Choo could attract attention from rival luxury houses along with Chinese, Middle Eastern and Russian buyers, according to BBC.

Jimmy Choo, famous for its stiletto shoes and accessories, has discussed its plans with 68% shareholder JAB Holdings, which supports the process as part of a move away from a luxury sector it now considers "non-core".

However, the firm noted that no potential buyers have stepped forward yet.

JAB also owns doughnuts firm Krispy Kreme and beauty company Coty.

The board is working with Bank of America Merrill Lynch and Citi on the deal.

Last month, Jimmy Choo reported a 15.7% rise in annual core earnings to £59 million as revenue grew 14.5%.