Jimmy Choo Revenues Rise 6% in 2015 Fiscal Year

LONDON – Sales at Jimmy Choo were up 6 percent to 318 million pounds, or $486.5 million, in the 2015 fiscal year on the back of strong growth in Asia and Japan, new store openings, and expansion of wholesale and retail revenue channels.

At constant currency, sales grew 7 percent. Figures have been converted at average exchange rates for the 12-month period.

Jimmy Choo made excellent progress in 2015, delivering renovation of the retail portfolio while continually evolving the product mix and meeting development targets,” said chief executive officer Pierre Denis.

The company’s chairman Peter Harf said Choo “continues to outpace the sector despite the challenging competitive environment,” and added that the brand had “successfully reversed” the first half decline in wholesale revenues.

Retail net revenue grew 8 percent, and 9 percent at constant currency rates. Wholesale revenue growth was 1 percent at constant exchange rates and flat in reported terms despite the impact of the conversion of Singapore and Malaysia from wholesale to retail.

The company opened 16 directly operated stores in the 12 months, while 15 further stores were renovated with a new store concept. The brand currently has a portfolio of 141 directly operated stores.

The company said the main driver of growth in 2015 was shoes, which represented 76 percent of net revenue. It said men’s footwear continued to make “excellent” progress, and was the fastest growing category, accounting for around 7 percent of net revenue.

Jimmy Choo Tizzy Sandals
Jimmy Choo Tizzy sandals.
CREDIT: Courtesy of brand.

Accessories volumes remained stable, with a trend towards smaller bags, while men’s and women’s fragrances contributed to strong growth in licensing income.

Asia and Japan continued to grow strongly, the company said, while Europe benefited from growth in tourism, which was offset by the loss of Russian tourists, and more recently the impact of recent terrorist events.

Choo said the U.S. business made “good progress” in a market distorted by both foreign exchange fluctuations and competitive pressures.

The company said it was confident going into the new fiscal year and said it would grow faster than the market.

“Our business in Asia, where we are under-penetrated, and Japan is growing well, and we have significant opportunities to maintain this outperformance in the years ahead,” the company said, adding that 2016 will see the implementation of its omnichannel platform in the U.S. and Europe for its retail and online network.

In a report issued Thursday morning, Barclays said the full year figures were in line with its forecasts.

The bank added that in the second half, sales were up 7.5 percent on a constant currency basis.

In retail, organic growth was up 7.8 percent in the second half, with 8.9 percent coming from new space, while like-for-like sales were down 1.1 percent.

In wholesale, second half growth was 7.5 percent, while licensing outperformed Barclays estimates, growing 21.2 percent.

“Asia remains under-penetrated and Japan is growing well,” Barclays noted.

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