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| Men's sales march Jimmy Choo higher | Men's sales march Jimmy Choo higher |
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| Designer shoe brand Jimmy Choo has reported higher revenues, partly down to increasing sales of men's designs. | |
| Men's shoes are the fastest-growing sector for the brand, representing 8% of global revenue. | Men's shoes are the fastest-growing sector for the brand, representing 8% of global revenue. |
| The company also said in its half-year report that the weakness of the pound since the Brexit vote had also helped boost the company's figures. | The company also said in its half-year report that the weakness of the pound since the Brexit vote had also helped boost the company's figures. |
| Revenues hit £173m, up 9.2% compared with the same time last year. Operating profit was up 42.6% at £25m. | Revenues hit £173m, up 9.2% compared with the same time last year. Operating profit was up 42.6% at £25m. |
| Once thought of as the preserve of wealthy women, the brand has seen a surge of interest among men. | |
| "In total, we have 71 dual-gender stores globally and see the potential for continued growth in this sector, so that it will come to represent a proportion of our revenue well into double digits," the company said. | |
| Geographically, the sales figures were mixed, according to the report. | Geographically, the sales figures were mixed, according to the report. |
| "Geopolitical events" in Europe have damaged sales there, while the brand struggled in the US, with sales down 3.4%. | "Geopolitical events" in Europe have damaged sales there, while the brand struggled in the US, with sales down 3.4%. |
| However, the Asian market continued to perform well, the company said. | However, the Asian market continued to perform well, the company said. |
| China and Hong Kong both recorded growth and the company also saw improvements in Japan, with men's sales again noted for their success. | China and Hong Kong both recorded growth and the company also saw improvements in Japan, with men's sales again noted for their success. |
| "Jimmy Choo outperformed luxury peers such as Burberry and Mulberry to post a strong set of growth figures for H1 2016," said Nivindya Sharma, senior analyst at Verdict Retail. | |
| "While competitors struggle with declining luxury demand in Asian markets, Jimmy Choo has bucked the trend and reported an impressive 22.1% growth in Asia." | |
| Pound delight | Pound delight |
| The company said that as Jimmy Choo was a global business, it was "well placed to take advantage of market dynamics seen since the GBP devaluation". | The company said that as Jimmy Choo was a global business, it was "well placed to take advantage of market dynamics seen since the GBP devaluation". |
| With 9.5% of global revenue in sterling and 28% of operating costs denominated in the currency, a weaker pound "will lead to a reported upside in business performance at a revenue and profit level", the company said. | With 9.5% of global revenue in sterling and 28% of operating costs denominated in the currency, a weaker pound "will lead to a reported upside in business performance at a revenue and profit level", the company said. |
| Despite a dip in pre-tax profits to £6.6m, down from just over £20m last year, chairman Peter Harf said "challenging market conditions" meant the results were "impressive". | Despite a dip in pre-tax profits to £6.6m, down from just over £20m last year, chairman Peter Harf said "challenging market conditions" meant the results were "impressive". |
| "Creative director Sandra Choi has led a strong half year of product design, building upon Jimmy Choo's British identity to produce ranges which continue to resonate with consumers across the globe," says Ms Sharma. | |
| "Jimmy Choo is in prime position to continue its growth momentum with its multi-pronged focus on e-commerce (bolstered by growing social media engagement and a robust distribution network) and conversion of retail outlets to new concept stores." |