Jimmy Choo kicks shares into action ahead of AGM

Caitlin Morrison
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Jimmy Choo has its flagship store on Bond Street

British shoemaker Jimmy Choo has sent its shares up by over 15 per cent in early trading, with an upbeat market update ahead of its annual general meeting (AGM).

The luxury footwear company, which listed in October 2014, said it has made a good start to the year, with trading in line with expectations.

"Despite the headwinds facing the majority of the sector in 2016, our successful growth strategy continues to deliver," the firm said, adding that the group "remains focused on controlled expansion and development of the retail portfolio whilst evolving the product mix with exciting new collections".

The company said it expects to further improve its balance sheet in the second half of the year "through a focus on improving our operating efficiency and the management of costs" which will deliver margin improvement and good cash generation.

15 June 2016 @ 2:15pmJimmy Choo (CHOO)

"Jimmy Choo made excellent progress in 2015," said group chairman Peter Harf, who congratulated Jimmy Choo chief executive "and his talented team on their achievements in challenging market conditions".

"The company's growth remains on track, including in Asia," Harf added. "Brand awareness continues to grow strongly and particularly in China where the brand remains under-penetrated."

Jimmy Choo entered the FTSE 250 soon after listing in 2014, but earlier this year was demoted and moved down to the FTSE Small Cap Index.