In its first set of full-year results since floating on the London Stock Exchange last year, Jimmy Choo has reported a narrowed pre-tax loss for 2014, despite IPO costs of £8m and unfavourable foreign exchange movements. This is due in thanks to a debt-for-equity swap deal that took place in Autumn last year.
The luxury footwear label‘s products have proven popular in Asia, it‘s strongest growth region and where Jimmy Choo has placed a strategic focus. In the brand‘s 2014 preliminary results statement, the company cited that men‘s shoes remains its “fast growing category” and that its Made to Order service pushed sales up by 5.7% year on year to £192.m in its retail unit.
In a statement released by Jimmy Choo this morning, Chief Executive Pierre Denis said:
“This has been a year of great financial, strategic and operational progress for the Company.
With our unique DNA and experienced team we have continued to deliver products that resonate strongly with our clients. As a specialist brand we have invested to outperform in this attractive and complex category thus delivering operating leverage. We are expanding in Asia and selected new markets where we are underpenetrated compared to our peers. Our investment programme in new DOS and our new concept has continued.
We remain focused on executing our growth strategy and pursuing growth without compromising our brand or its luxury position despite the more challenging macroeconomic environment.”
In 2014, Jimmy Choo added a net total of nine new stores, half of which are located in China. Now it‘s looking to continue on its expansion with plans to open 10 to 15 new stores a year.
The British shoe maker priced shares at 140p per share when it listed on LSE (at the lower end of expectations) but since then its shares have risen approximately 26%.