Luxury shoemaker Jimmy Choo to expand in China after earnings rise

Luxury shoemaker Jimmy Choo reported a 7.2 percent rise in annual earnings and said it would continue to grow by expanding its store portfolio in China.

Reporting its first full-year results since floating on the London Stock Exchange in October, Jimmy Choo said adjusted core earnings (EBITDA) of 50.2 million pounds ($75 million) in 2014 compared to the 46.9 million pounds it made in 2013.

Underlying sales rose 5.7 percent at its retail arm in 2014, in what chief executive Pierre Denis said had been a year of progress for the company. He added that there was more to come.

"We remain focused on executing our growth strategy and pursuing growth without compromising our brand or its luxury position despite the more challenging macroeconomic environment," he said.

That growth would come from opening 10 to 15 new directly-owned shops this year, with a focus on China, as the company continues to perform well in Asia.
In the EMEA region, Jimmy Choo said it was being impacted by fewer Russian travelers.

$1 = £0.67