Jimmy Choo looks to men to power its growth
Jimmy Choo may be known for its skyscraper heels, but men’s shoes are its fastest-growing division, the luxury footwear designer said.
Chairman Peter Harf said prospects for the brand “have never looked better” as he revealed revenue jumped 9.2% to £173.1 million in the first half to June 30.
The maker of £1195 Belgravia high-top trainers said its men’s category now represents 8% of global sales.
It added that it sees the “potential for continued growth in this sector, so that it will come to represent a proportion of our revenue well into double digits”.
The company intends to stick with its plans to open up to 15 shops each year and will invest in its online division.
Jimmy Choo, which celebrates its 20th anniversary this year, said it has also benefited from the weaker pound following Britain’s decision to leave the EU.
Operating profit increased by 42.6% to £25.3 million, although pre-tax profit dropped to £6.6 million from £20.2 million.
The shares stepped up 6.5p to 124.25p, but are still languishing below the 140p Jimmy Choo floated at in October 2014.
Like its rivals, Jimmy Choo has had to cope with a slowdown in the luxury goods sector, triggered in part by a crackdown on extravagant gifting in Hong Kong.
