Jimmy Choo, the bespoke shoemaker of East London stated that the strong demand in Asia would surely help it to grow faster than the global luxury market this year. The brand had posted a 7.2 percent rise in underlying revenue in 2015.
The British brand grew 20.1 per cent at constant currencies last year in Japan because of the new stores in China and Hong Kong.
Jimmy Choo said Asian revenues, excluding Japan, grew 20.1 percent at constant currencies last year, helped by new store openings in China and Hong Kong. Japanese revenues were up at 29 per cent, because of the domestic demand and inflow of tourists from the mainland China.
The luxury good market has seen a subsequent growth in luxury products after it had slowed down in 2015 due to the Paris attacks, as the tourist were refraining themselves from visiting Europe.
Choo also mentioned that a weaker euro has given a boost to its sales in Europe, the Middle East and Africa. It has also helped in counteracting the loss of Russian tourists to the region and geopolitical uncertainty.
“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,” Chairman, JAB Holding Company, Peter Harf was quoted by The Economic Times as saying.