Saturday, September 23, 2017

Asian market boosts Jimmy Choo sales

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Jimmy Choo has reported a 7% increase in 2015 revenues on the back of strong growth in Asia.

The British shoemaker said it was “confident” in its ability to grow faster than the market and did not cite a slowdown in China which has hurt other luxury retailers.

Men’s footwear was the fastest growing product category but still only represents 7% of overall sales. 

Jimmy Choo, which floated on the London Stock Exchange towards the end of 2014, said fast growth in Asia and particularly Japan, tempered the loss of Russian visitors at its European stores and the impact of terrorist events in the region. Stores in the US “made good progress” in a market hit by foreign exchange fluctuations and competitive pressures.

Net revenue rose 7% to £318m of which retail sales made up £208m, a 9% increase on 2014. Wholesale revenues grew 1% to £100m on a constant currency basis.

The luxury goods maker said there were “significant opportunities to maintain this outperformance in the years ahead”.

“Jimmy Choo continues to outpace the sector despite the challenging competitive environment,” said Chairman Peter Hard. “The Company successfully reversed the first half decline in wholesale revenues and is on track with growth forecasts in Asia and Japan where brand awareness continues to grow strongly.

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