Profits at Jimmy Choo were up in 2015, driven by new store openings, demand in Asia and the weaker euro, offsetting a weaker performance across the Middle East and Europe.
The luxury retailer made a pre-tax profit of £22.1m in 2015, compared with a loss of £8.2m in 2014. Total revenues rose 6.1% to £317.9m as the British shoe maker opened 13 new stores.
Revenues in Asia grew 21.2%, tempering a 2% decline in EMEA revenues.
Jimmy Choo seems to have bucked the trend that has hurt several other luxury goods retailers, as it defended against the slowdown in China’s economy fairly well.
The 20 year-old company remains optimistic in its “ability to grow faster than the luxury market”. In a statement released on Tuesday morning Jimmy Choo said:
“Our business in Asia (where we are underpenetrated) and Japan is growing well, and we see significant opportunities to maintain this outperformance in the years ahead. Despite challenging market conditions, we expect continuous operating efficiencies and the dynamism and flexibility of our teams to enable us to drive margin expansion and continue the reduction in leverage and financing costs."
Chairman Peter Harf added that “Jimmy Choo continues to outpace the sector despite the challenging competitive environment. The Company successfully reversed the first half decline in wholesale revenues and remains on track with growth forecasts in Asia and Japan where brand awareness continues to grow strongly. I would like to thank Pierre and his highly talented team for their commitment and diligent hard work in helping to secure this result.”