Jimmy Choo Revenues Boosted By Menswear Range
Jimmy Choo, the British luxury brand regularly seen on the red carpet, has reported strong revenue growth boosted by China, the weak pound and its menswear lines. Revenue was up 14.5% to £364m, while operating profits rose 43% to £42.5m. Shoes account for the majority of its sales, with men’s remaining its “fastest growing category” accounting for 9% of revenue. New stores also helped to lift sales and it now has 150 outlets worldwide. However, global like-for-like sales – which ignore the impact of new stores – fell 0.8%. Revenue fell in the US as it repositions its business along with a fall in demand from department stores. Terror attacks in Europe reduced spending by tourists and slowed sales, but it said trends improved in the second half of last year. It said the drop in sterling following the UK referendum to leave the EU, had an impact on “the financial results and client purchasing behavior.” Read more at BBC News.
