British luxury retailer Jimmy Choo, famous for its stiletto shoes and accessories, is currently struggling to retain its prominence and has put itself up for sale to try to maximize shareholder value.

JAB Holding, that owns 70 per cent of Jimmy Choo, is seeking buyers for the brand. It announced it was also considering a sale of Swiss shoemaker Bally.

The company was founded in 1996 by former Vogue accessories editor Tamara Mellon and Malaysian designer Jimmy Choo, and has been through three private equity owners.

Jimmy Choo said Britain’s Takeover Panel has agreed that any talks with third parties can be conducted within the context of a “formal sale process”. That enables talks with interested parties to take place on a confidential basis.

The firm said it is currently not in receipt of any approaches. The sale process will be run by BofA Merrill Lynch and Citigroup.