Home Retail Asia growth to help Jimmy Choo outperform luxury market

Asia growth to help Jimmy Choo outperform luxury market

By  
SHARE

London: British shoemaker was quoted by news agency Reuters as saying that strong demand in Asia would help it grow faster than the overall luxury market this year. The statement came after posted a 7.2 per cent rise in underlying revenue in 2015.

Asia growth to help Jimmy Choo outperform luxury market
Jimmy Choo said Asian revenues, excluding Japan, grew 20.1 per cent at constant currencies last year, helped by new store openings in China and Hong Kong

Jimmy Choo Chairman Peter Harf released a statement last week which read: “Jimmy Choo continues to outpace the sector despite the challenging competitive environment.”

“The company successfully reversed the first half decline in wholesale revenues and remains on track with growth forecasts in Asia and Japan where brand awareness continues to grow strongly,” the statement continued.

Jimmy Choo said Asian revenues, excluding Japan, grew 20.1 per cent at constant currencies last year, helped by new store openings in China and Hong Kong. Japanese revenues were up 29 per cent, driven by domestic demand as well as an influx of tourists from mainland China.

According to a report in Reuters: Growth in the luxury goods market has slowed, particularly in the second half of 2015 after the attacks in Paris put tourists off travelling to Europe, where many luxury brands make a significant proportion of their sales.

A weaker euro had helped its sales in Europe, the Middle East and Africa, partly offsetting the loss of Russian visitors to the region and geopolitical uncertainty was quoted by Reuters as saying.

The company reported adjusted core earnings of 51 million pounds ($73 million) for the year ended Dec. 31, up 1.5 per cent from 2014’s figure of 50.2 million pounds.