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Jimmy Choo's revenue walks tall in 'challenging' market | Jimmy Choo's revenue walks tall in 'challenging' market |
(about 1 hour later) | |
Many luxury brands are complaining that the economic slowdown in China has hit their sales - but not Jimmy Choo. | Many luxury brands are complaining that the economic slowdown in China has hit their sales - but not Jimmy Choo. |
The brand 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 brand seen on the feet of many celebrities and royalty said new store openings and trading in all areas had driven growth, especially in China. |
Chief executive Pierre Denis said "continuing strength" in China put the firm on course for "another record year despite the challenging backdrop". | Chief executive Pierre Denis said "continuing strength" in China put the firm on course for "another record year despite the challenging backdrop". |
Investors liked what they heard, sending Jimmy Choo shares up 4.5%. | Investors liked what they heard, sending Jimmy Choo shares up 4.5%. |
The light fantastic | The light fantastic |
The company, which is celebrating its 20th anniversary, said in a trading update that the weaker pound had helped UK sales. The favourable exchange has attracted more tourists to the UK. | The company, which is celebrating its 20th anniversary, said in a trading update that the weaker pound had helped UK sales. The favourable exchange has attracted more tourists to the UK. |
Jimmy Choo said that since 30 June it had opened four new directly-operated store. The company has also been investing heavily in store refurbishments, including the flagship outlet in Milan which was closed for two months. | Jimmy Choo said that since 30 June it had opened four new directly-operated store. The company has also been investing heavily in store refurbishments, including the flagship outlet in Milan which was closed for two months. |
The brand said that despite this disruption, like-for-like sales in the second half of the year have moved back into positive territory. | The brand said that despite this disruption, like-for-like sales in the second half of the year have moved back into positive territory. |
Brands know they must constantly evolve to survive, but it is a tricky balancing act. Jimmy Choo said it continued to attract new buyers, while keeping the loyalty of its existing customers. | |
Earlier in the year, Prada said it wanted to appeal to younger customers through online sales and more flexible pricing. | |
It suffered a 25% drop in first half profits due partly to falling demand in China and Italy. | |
Burberry, too, has struggled to counter a downturn in mainland China and Hong Kong. However, like Jimmy Choo, it UK sales have been boosted by tourists taking advantage of the plunge in the pound. | |
Jimmy Choo produces a wide range of luxury items, from handbags and scarves to sunglasses and perfume. But its shoes remain at its core. | |
Its footwear is often seen on the red carpet worn by celebrities such as Jennifer Lopez and Bella Hadid. | Its footwear is often seen on the red carpet worn by celebrities such as Jennifer Lopez and Bella Hadid. |
Kate Middleton is also a fan. | Kate Middleton is also a fan. |
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