Jimmy Choo this week said it had been “very encouraged” by the progress of its online business in parallel with its development of omnichannel services.
The upmarket shoe retailer, a Top500 retailer in IRUK Top500 research, said “good development” of its business in Europe, the Middle East and Africa (EMEA) as well as in the United States had come alongside “the progressive development of our online business as we roll out omnichannel services.” By the end of its last financial year, to December 31 2016, online accounted for 6% of retail revenues. Retail revenues came to £243.9m during the year; total revenue, including wholesale and licensing came to £364m.
Peter Harf, chairman of Jimmy Choo PLC, said: “The prospects for the business are stronger than ever. As a result of the investment we have made, we see significant opportunities for growth ahead of the market and margin expansion.” He said the leadership team had made “remarkable progress in nuturing the brand DNA, in strengthening the business execution and enhancing the overall client experience.”
The update came in a trading update ahead of the Jimmy Choo annual general meeting. It also pointed to a “busy period in our store development programme” with the opening of six new stores and eight store renovations, and said it had seen strong progress in the Asia and Japan markets. Joint ventures planned for the UAE and South Korea are on track, it said.
“Our long term growth strategy,” said the trading statement, “is to nurture the brand’s unique DNA, to strive for excellence in business execution and to enhance client experience, in order to deliver superior growth and profitability, as well as leveraging the significant investments we have made in the business to date.”
In the current financial year, it said: “The Company continues to make excellent progress, trading strongly in the year to date and in line with management’s expectations.”
In April, Jimmy Choo put itself up for sale, with the support of its majority shareholder JAB Luxury.