Jimmy Choo revenue underpinned by Asia
Luxury footwear and accessories brand Jimmy Choo reported a rise in 2015 revenue, thanks in part to a strong performance in Asia.
FTSE 250
19,722.29
11:20 23/04/24
FTSE 350
4,430.66
11:20 23/04/24
FTSE All-Share
4,384.71
11:20 23/04/24
Jimmy Choo
230.00p
16:30 30/10/17
Personal Goods
16,226.77
11:19 23/04/24
For the year ended 31 December, net revenue grew 7% at constant currency to £318m, or 6% at reported rates. Shoes, which represent around 76% of revenues, were the main driver.
In particular, the company said men’s shoes continued to make excellent progress, remaining its fastest growing category and accounting for around 7% of net revenue.
Meanwhile, accessories volumes were stable, with a trend towards smaller bags.
Chairman Peter Harf said: “Jimmy Choo continues to outpace the sector despite the challenging competitive environment. 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.”
The company said growth was led by Asia and Japan, which benefited from rising brand awareness and the group’s store development programme.
In Europe, tourism growth was offset by the loss of Russian visitors and more recently the impact of recent terrorist events, while the US business made good progress in a market distorted by foreign exchange fluctuations and competitive pressures.
The company expressed confidence in its outlook and ability to grow faster than the market.
“Our business in Asia (where we are under-penetrated) and Japan is growing well, and we have significant opportunities to maintain this outperformance in the years ahead.
“2016 will see the implementation of our omnichannel platform in the USA and Europe for our retail and online network.”
At 0905 GMT, Jimmy Choo shares were up 0.9% to 128.50p.