Saturday, September 23, 2017

Jimmy Choo net revenue up 12%


Luxury footwear, fragrance and accessories label Jimmy Choo saw net revenue rise 12% to £299m in the year to December, a positive start to its London Stock Exchange listing.

Retail sales grew by 15.4%, while wholesale sales were up 6.3% for the year and like-for-like sales increased by 5.7%.

In the brand’s first trading statement since listing, Jimmy Choo said both women’s and men’s shoe collections had seen a “strong performance” in the year.

Foreign exchange fluctuations had some effect on the numbers however, with revenue climbing 6.2% on a constant currency basis. The company said performance in China had been strong, dispelling concerns that a crackdown on conspicuous consumption would slow demand.

The brand also said sales in South Korea had been helped by the ‘Abel’ high heel, which sold out in every edition after a cameo in a popular Korean soap.

The British high fashion house went public in October last year, floating at the lower end of the suggested pricing range, at a price of 140p per share. This was to raise capital for expansion in Asia

“We are delighted with this record net revenue performance, with a mix of like for like, retail and wholesale growth underlined by the success of our products,” said Jimmy Choo Chief Pierre Denis.

“Our focus on shoes and dedication to product quality has ensured we produced innovative products which resonate strongly with our clients around the world,” he continued. “As these are our maiden performance figures since the successful IPO, I would like to take this opportunity to thank our incredibly talented and hard-working teams for their unstinting commitment and enthusiasm.”

During the year, nine stores were opened globally and six were renovated, including the New Bond Street, London location.


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