Economy

Jimmy Choo IPO rumoured; New car sales slightly up: Midday Roundup

Yolanda Redrup /

Labelux, the owner of high-end shoe brand Jimmy Choo, is rumoured to be in meetings with bankers about selling a stake in the brand, via an initial public offering.

The Age is reporting Labelux would retain a majority stake in the business, but use the extra funds to support an expansion into Asia.

An unidentified source told The Age the upmarket shoe business could be valued around $1.84 billion.

New car sales slightly up

New motor vehicle sales slightly lifted in February, according to data released today from the Australian Bureau of Statistics.

The February 2014 seasonally adjusted estimate of 92,799 has increased by 0.1% when compared with January 2014. However, the February 2014 trend estimate of 93,755 has decreased by 0.3% when compared with January 2014. 

Sales of passenger and sports utility vehicles both decreased by 0.4% from January this year. Other vehicles increased by one unit to 19,387 unit sales.

Five of the eight states and territories experienced a decrease in new motor vehicle sales when comparing February 2014 with January 2014. Victoria recorded the largest percentage decrease at 1.2%, followed by Tasmania at 0.7%  and the Northern Territory  at 0.5%.

Sales in Queensland and the Australian Capital Territory both increased by 0.2%.

In terms of seasonally adjusted estimates, four of the eight states and territories experienced an increase in new motor vehicle sales when comparing February 2014 with January 2014.

Western Australia recorded the largest percentage increase at 4.1%, followed by South Australia at 2.6% and the Northern Territory at 2.3%.

Shares steady on open

Aussie shares have opened steady this morning, despite tensions between Ukraine and Russia continuing to impact markets globally.

The S&P/ASX200 benchmark was down 1.6 points to 5327.8 at 12:20pm AEDT. On Friday the Dow Jones closed 43.22 points down, dropping 0.27% to 16,065.67.

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