Well-heeled: Jimmy Choo posts confident full-year figures as profit jumps
Luxury shoe maker Jimmy Choo posted a confident set of full-year results today, fresh from dressing stars at the Oscars.
The figures
For the full year ending 31 December, Jimmy Choo's revenue grew at 1.6 per cent constant currency, and 14.5 per cent in reported currency, up from £317.9m in 2015 to £364m last year.
Read more: Jimmy Choo's share price rises on sterling's slide
Operating profit jumped 42.6 per cent to £42.5m, up from £29.8m the year before.
At time of writing, Jimmy Choo's share price was up 1.6 per cent.
Why it's interesting
Jimmy Choo and other high-end fashion businesses have been benefiting from the fall in the value of the pound as rich foreigners have been pouring into the capital to snap up bags and heels at a discount.
There’s no #redcarpet without #JimmyChoo heels. #DianeKruger, #MerylStreep and #tarajiphenson wow at the #Oscars in their stilettos. pic.twitter.com/jnB1wi6qqB
— Jimmy Choo (@jimmychoo) February 27, 2017
The luxury shoe brand currently has 150 stores worldwide, and said today that growth in Asia, Europe and Japan was strong. But the business wants to reach out to more customers, investing in its website and distribution networks. In particular, as chief executive Pierre Denis said he wanted to focus on Jimmy Choo's distribution in Asia, "where we remain underpenetrated".
What Jimmy Choo said
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.