Fresh off its initial public offering on the London Stock Exchange last year, which valued the company at £545.6 million (US$877 million), Jimmy Choo has big plans for China.
Asia is the company’s strongest growth region, and it has particularly been on a roll in China where Chinese fans of South Korean drama “My Love from the Star” have snapped up the Jimmy Choo shoes featured on the show. Also helping Jimmy Choo in China is the fact that, for many Chinese, footwear is their entry point to the luxury market.
In January of this year, the company announced that its Asian expansion was going according to plan and that it had helped net revenues rise 12 percent to £299.1 million, according to the London Evening Standard.
Now, the company plans to open up to 15 stores per year in Asia for the foreseeable future, reports Inside Retail Asia. Almost half of the company’s nine new stores opened in Asia last year were in China.
“We are expanding in Asia and selected new markets where we are under-penetrated compared to our peers,” said Jimmy Choo CEO Pierre Denis.
“With our unique DNA and experienced team we have continued to deliver products that resonate strongly with our clients. As a specialist brand we have invested to outperform in this attractive and complex category thus delivering operating leverage,” he added.
Last week, Jimmy Choo released its first financial figures since last year’s IPO, revealing a small pre-tax loss, which is mostly attributable to the IPO costs. Men’s shoes and the company’s Made to Order service helped to increase sales 5.7 percent year-on-year with its retail operation reaching £192 million.
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