Jimmy Choo revenues boosted by menswear range

Image copyright Jimmy Choo

Jimmy Choo, the British luxury brand known for its women's shoes, has reported strong revenue growth boosted by China and growing demand for its menswear lines.

Revenue was up 14% to £364m but pre-tax profits dropped to £18m.

Shoes account for the majority of its sales, with men's remaining its "fastest growing category" accounting for 9% of revenue.

New store openings also helped to lift sales.

It said the breadth of its range allowed it to capitalise on the renewed popularity of the luxury trainer, leading to particular success with the Miami trainer.

During 2016 a further 16 of it new directly-operated stores were refitted, which it said continued to outperform those in the existing format.

Image copyright Jimmy Choo

Its online business now accounts for 6% of revenue.

Revenue fell in the US as it repositions its business along with a fall in demand from department stores.

Terrorists attacks in Europe reduced spending by tourists and slowed sales but it said trends improved in the second half of the year up 31st December 2016.

It said the drop in sterling following the UK referendum to leave the EU, had an impact on "the financial results and client purchasing behaviour."

The company said exchange rate fluctuations remained a concern which it was monitoring.

Image copyright Jimmy Choo

Growing appeal

Pierre Denis, chief executive of Jimmy Choo, said: "2016 was a landmark year for Jimmy Choo.

"Not only did we successfully celebrate 20 years of heritage but record revenues and profitability are testament to the growing appeal and strength of our brand.

"We will continue to deliver on our long term strategy of growth through the creative and innovative development of our collections and the sustained expansion of our distribution network, particularly in areas such as Asia where we remain underpenetrated."

Jimmy Choo produces a wide range of luxury items, from handbags and scarves to sunglasses and perfume. But its shoes remain at its core.

Its footwear is often seen on the red carpet worn by celebrities such as Jennifer Lopez and Bella Hadid.

Kate Middleton is also a fan.

BBC

Get the latest news delivered to your inbox

Follow us on social media networks

 
Zanobya Magazine