Luxury shoe brand Jimmy Choo announced that it intends to list its shares on the London Stock Exchange, in an initial public offering, valuing the company at around $1bn.

JAB Holdings, which owns Jimmy Choo, is seeking to sell at least 25% stake, aiming for a stock market debut at the end of October. The proceeds will be used to help it expand in Asia and other new markets.

In its listing announcement, Jimmy Choo said that it plans to open new stores and strengthen its presence in Asia and other new markets.

The company, which posted sales of £282m last year, plans to open 10 to 15 new stores a year. Of the total openings planned, around half to two-third store openings will be in China to boost its portfolio in the country from 10 to 30 stores over the medium term.

The company also said it would look at franchise opportunities in Latin America and Eastern Europe.

Jimmy Choo chief executive Pierre Denis said: "Jimmy Choo is a clear success story with strong momentum and I am confident that our future as a public company can only extend our reputation and position in this attractive sector."

Jimmy Choo has 120 shops globally.