Jimmy Choo sees profits more than double

Jimmy Choo sees profits more than double



Jimmy Choo, the British shoe designer loved by celebrities including the Duchess of Cambridge, has seen profits more than double thanks to a store revamp and growing demand for its men’s range.

The high-end accessories label, which sells jewel-encrusted shoes and luxury trainers, posted a 174 per cent rise in pre-tax profits to £18.1million in the first six months of the year.

That is on the back of a 16.5 per cent rise in revenues to £201.6million on a reported currency basis, as the retailer benefited from a weaker pound.



Jimmy Choo, which ventured into men’s footwear in 2011 selling velvet slippers that cost £3,500 and trainers at £595, said that remains its fastest growing category, making up 9 per cent of global revenue.

It added it has continued to increase the number of stores selling its men products and it now counts 86 stores where it sells both men and women shoes and accessories, up from 71 at the end of last year.



Jimmy Choo, which was bought by rival Michael Koors last month for £896million, said its store overhaul continued to progress.

It closed five shops and opened six new ones in the first half. It now has 151 stores around the world, including new flagship stores in London’s New Bond Street and Sloane Street, in Milan, Paris, Beverly Hills, Madison Avenue and Harbour City Hong Kong.

It said its final three flagship stores are expected to be opened in Asia by the end of the calendar year.



Jimmy Choo is also refurbishing and converting stores into a new format. It renovated eight stores in the period, which the new store format now making up half of all of its stores.

The update comes as Jimmy Choo is in the process of merging with Michael Koors after putting itself up for sale earlier this year.

Chief executive Pierre Denis said he was delighted by the performance despite ‘challenging market conditions’.

‘We have continued to make good progress through the first half and are well positioned to deliver over the remainder of the year,’ he said.



In the UK and Europe sales rose by 5.9 per cent at constant currency to £83.8million, but in the US, sales fell 2.7 per cent to £55.8 million amid weaker footfall in department stores.

The strongest performance came from Japan, where sales rose 11 per cent to £28.6million on a constant currency basis, with men’s sales counting for 28 per cent of the revenues.

Shares in the group were trading 0.05p higher at 229.55p in the afternoon.

Jimmy Choo was founded in 1996 by Tamara Mellon and Malaysian bespoke cobbler Jimmy Choo. After a series of private equity owners Mellon and Choo left the business. Choo’s niece Sandra Choi is now the brands creative director.

The firm is controlled by JAB Luxury, the investment arm of the German billionaire Reimann family.