Pound's fall to put some steam behind Jimmy Choo

Jimmy Choo put its best foot forward yesterday with a surge in profits, as the shoemaker to the stars also said it would benefit from the collapse in the pound since the EU referendum.

Jimmy Choo said the weaker pound would help boost sales and profits. Picture: Robert Perry
Jimmy Choo said the weaker pound would help boost sales and profits. Picture: Robert Perry

The company said sterling’s devaluation will lead to an “upside in business performance at a revenue and profit level”.

It added: “Jimmy Choo is a global business, well-placed to take advantage of market dynamics seen since the pound’s devaluation; 9.5 per cent of global revenue is derived in sterling while 28 per cent of operating costs are denominated in sterling.”

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Jimmy Choo revealed that operating profit jumped 42.6 per cent to £25.3 million in the first six months of 2016. Revenue rose 9.2 per cent to £173.1m, driven by a strong performance in China and strong sales in its men’s ranges.

Chief executive Pierre Denis said the company was “optimistic” about its prospects.