Luxury retailer Jimmy Choo reported revenue growth for the second half on Friday and said it was on track to deliver full-year underlying profits in line with expectations.
Many luxury brands are complaining that the economic slowdown in China has hit their sales – but not Jimmy Choo.The brand is seen on the feet of many celebrities and royalty said new store openings and trading in all areas had driven growth, especially in China.The company said in August that its revenues have grown 9.2 per cent and that its operating profit had jumped an impressive 42.6 per cent, although no figures were quoted in today’s trading update.Chief executive officer Pierre Denis said:
“The company continues to grow and to build on the strength of the brand and new store openings. We look forward to achieving another record year despite the challenging backdrop, and remain on track to deliver underlying profits in line with expectations.”
Meanwhile, in London, the Jimmy Choo brand is benefiting from the sharp fall in the pound, which has made it cheaper than ever to buy luxury goods in the capital.
Another luxury brand, Burberry, recently posted a 24 per cent drop in first-half profits but said revenues across the UK climbed 30 per cent higher, boosted by tourists, for whom the fall in the value of the pound means goods are cheaper.