Sunday, November 19, 2017

Jimmy Choo net revenue up 12%

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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.