Losses narrow at luxury shoe firm Jimmy Choo thanks to strong retail performance but wholesale held back by currencies

Full year revenue rose to £299.4million in 2014, while like-for-like sales grew 5.7 per cent to £192.1million

Luxury shoe brand Jimmy Choo narrowed its losses as it stepped up its Asian expansion, the recently-listed firm revealed today.

The footwear and accessories label in its maiden set of results as a public company reported a loss of £10.8million, down from a £17.7million deficit in the previous year. The loss included nearly £8million of IPO costs.

Full year revenue rose to £299.4million in 2014, while like-for-like sales grew 5.7 per cent to £192.1million.

Jimmy Choo chief executive Pierre Denis, said: ‘We are expanding in Asia and selected new markets where we are underpenetrated compared to our peers. Our investment programme in new directly operated stores and our new concept has continued.’

The group opened nine new shops in the year taking it to 125 and it has 13 directly operated shops – as opposed to franchised stores – in China. 

China and south east Asia is a focus for its expansion and it plans around 15 new shops a year globally. It will also refurbish 15 of its older shops each year.

Sohil Chotai, analyst at Edison Investment Research, said: ‘ Whilst other luxury brands are retrenching and reducing their space ambitions in China and Asia Pacific, Jimmy Choo is underpenetrated there and so in our view, should see good opportunities to grow the footprints in key luxury markets.

'Whilst the macroeconomic environment is volatile, we believe the brand is well placed to capture growth,’ he added.

Despite the strong retail performance for the group it said its wholesale business – where it sells its products via other retailers such as department stores – was held back by movements in the US dollar against sterling. Wholesale revenue grew by just 1.9 per cent at reported exchange rates.

The designer brand was founded in 1996 by Tamara Mellon and Malaysian bespoke cobbler Jimmy Choo. After a series of private equity owners Mellon and Choo left the business.

Choo’s niece Sandra Choi is now the brands creative director.

The brand floated at 140p a share in London in October and the shares have since risen more than 20 per cent. 

However they were lower in late morning trade today, with the FTSE 250-listed stock down 2 per cent or 4.1p to 170.9p.