Jimmy Choo steps up sales despite luxury woes

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Jimmy Choo shares were on a firmer footing today after the shoe designer defied the chill blowing through the luxury market to record a strong start to this year.

Shares in the maker of the £2995-a-pair Cinderella heels, surged more than 15%, or 14.55p, to 110.5p. It marked its best one-day rise since floating in 2014 at 140p, and follows a share slump for the brand. 

Like its rivals, Jimmy Choo has had to cope with headwinds in the luxury goods sector, such as a crackdown on extravagant gift giving in Hong Kong, and slowing tourism.

The firm, which also produces bags and fragrances, said: “Despite the headwinds, our successful growth strategy continues to deliver.”

It will be helped by new collections and management of costs.

Analysts at RBC Capital Markets said: “We believe Jimmy Choo is outperforming its luxury footwear peers.”

 

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Source Article from http://www.standard.co.uk/business/jimmy-choo-steps-up-sales-despite-luxury-woes-a3272571.html

June 15, 2016 |
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