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Jimmy Choo revenue climbs in anniversary year

Luxury footwear brand Jimmy Choo saw its revenue climb by 14.5% to £364 million in the year to 31 December as it celebrated its 20th anniversary.

FASHION

Jimmy Choo revenue climbs in anniversary year

Luxury footwear brand Jimmy Choo saw its revenue climb by 14.5% to £364 million in the year to 31 December as it celebrated its 20th anniversary.

During the period, adjusted EBITDA increased by 15.7% to £59 million. Operating profit rose by 42.6% to £42.5 million.

Retail revenue grew by 17.4% to £243.9 million as the company continued to expand its store network and refit existing shops.

Pierre Denis, chief executive of Jimmy Choo, said: "2016 was a landmark year for Jimmy Choo. Not only did we successfully celebrate 20 years of heritage but record revenues and profitability are testament to the growing appeal and strength of our brand."

Like-for-like retail sales were 0.8% below the previous year as "difficult" market conditions during the first half caused a like-for-like decline. However, a stronger final quarter resulted in second half like-for-like sales improving to 1.9%, with overall second half retail revenue growth of 5.4% at constant currency.

The company said its online business developed well during the period and now accounts for 6% of revenue.

Denis added: “We will continue to deliver on our long-term strategy of growth through the creative and innovative development of our collections and the sustained expansion of our distribution network, particularly in areas such as Asia where we remain underpenetrated.”

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