23rd Jan 2015 07:32
LONDON (Alliance News) - Luxury shoemaker Jimmy Choo PLC Friday said revenue grew by 12% in 2014, with demand for its shoes in Asia being the main driver of growth.
The British shoe company, which made its London debut late last year, said net revenue for 2014 was GBP299 million, up from GBP282 million in 2013, representing growth of 6.2% at actual currency, but 12% at constant currency rates.
Retail revenue grew by 8.7% at actual rates to GBP193 million, with wholesale increased slightly by 1.9% to GBP100 million. Retail like-for-like sales grew by 5.7% at constant currency, buoyed by online.
"Shoes were the main driver of net revenue growth in 2014, with accessories volumes also growing, driven by small leather goods," the company said in a statement.
Regionally, Jimmy Choo said Asia remains its strongest growth region, while its business in Japan gains traction. The retailer said it saw a "strong response" to its collections in 2014 and increased brand penetration, which drove like-for-like sales, and was supported by new store openings.
"In what has been a challenging year for the industry, Jimmy Choo has performed strongly in 2014, with double digit net revenue growth at constant currency driven by a mix of like-for-like growth from strong product authority and retail excellence, new store openings with a focus on China and continued growth in partnership with our wholesale customers," the company added.
Jimmy Choo opened 10 new 'directly operated stores' in 2014, but closed one, and renovated a further six stores. Going forward, the luxury brand said it plans to open 10 to 15 stores per year, and renovated a further 10 to 15 existing stores each year.
"We are delighted with this record net revenue performance, with a mix of like for like, retail and wholesale growth underlined by the success of our products," said Chief Executive Pierre Denis in a statement.
Jimmy Choo said it will release its full 2014 results on March 19.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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