The luxury shoe and accessories emporium founded by Tamara Mellon is forging ahead at a fast pace. After originally having focused on growth within the UK and the US, it is finally turning its attention to Continental Europe, where Jimmy Choo has opened a boutique in Paris.
Chief executive Robert Bensoussan told WWD that the company is planning brand diversification. A lingerie collection is in the planning, as well as beauty products and eyewear, which are being considered “midterm” development projects.
“(Jimmy Choo) is perceived not as a shoe brand, but more like a sexy brand,” said Bensoussan. “It's our moment. We're on a roll. We still have a long way to grow.”
With the opening of the Paris boutique, on the exclusive Avenue Montaigne, the total number of freestanding Jimmy Choo stores amounts to 31. The new boutique is the smallest of the chain and is expected to generate €2 million (£1.37 million) in sales in the first year. “If this works, very quickly we will open a second and possibly a third store in Paris,” said Bensoussan.
Presently, the firm wholesales to a small amount of French stores. Bensoussan expects that the boutique will mainly attract international clients.
The very first sales point in Continental Europe was a boutique in Milan, which opened a year and a half ago. Last week the firm opened a store in Madrid. Jimmy Choo looks set to achieve its target of 50 stores by 2008. Bensoussan also indicated that major distribution deals are in the pipeline for Japan and India.
Stores will open in Washington DC and Bangkok before the end of the year. Next year there will be store openings in San Francisco, Boston, Hawaii, Qatar, Jakarta, Abu Dhabi, Las Vegas and Dubai.
Since being purchased by private equity firm Hicks Muse a year ago, Jimmy Choo is set to realise a sales increase of 35 percent and a 50 percent growth in operating profits in 2005, said Bensoussan. Total sales for the year are expected to reach £50 million. Handbags, which were introduced in 2003, account for more than 15 percent of sales.
www.jimmychoo.com
23 November 2005
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