Jimmy Choo reveals earnings growth and expansion plans in China
Jimmy Choo has announced plans to expand its presence in China by opening new stores in the near future, in addition to revealing a 7.2 per cent annual earnings increase. The high-end footwear retailer reported that the £46.9 million adjusted core earnings in 2013 rose to 50.2 per cent in 2014. This was the first annual set of results that had been publicised by the firm since it floated on the London Stock Exchange last October.
Pierre Denis, chief executive of the luxury brand stated:
"We remain focussed on executing our growth strategya nd pursuing growth without compromising our brand or its luxury position despite the more challenging macroeconomic environment”.
He went on to reveal that during 2014 underlying sales in the retail divison had grown by 5.7 per cent, and that he hoped that further growth was imminent. Jimmy Choo is focussing particularly on China with 10-15 directly-owened stores to launch soon.