Jimmy Choo China plots expansion
Jimmy Choo China plans more stores as Asia drives the newly-listed brand’s global growth.
This week, Jimmy Choo posted its first results since floating on the London Stock Exchange last year – a small pre-tax loss, largely attributable to IPO costs.
About half of the nine new stores the company opened In 2014 were in China. Now it plans to open up to 15 stores a year for the foreseeable future.
“We are expanding in Asia and selected new markets where we are underpenetrated compared to our peers,” said CEO Pierre Denis in a statement.
“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.”
Jimmy Choo’s designs are clearly resonating with Asian consumers, particularly those in China. Asia is its strongest growth region and when it launched its IPO the company said funds raised would help its strategic focus on the market.
Meanwhile, the company says men’s shoes and its Made to Order service helped drive a 5.7 per cent year-on-year sales increase in its retail operation to £192 million.
“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,” said Denis.