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Ahead of Michael Kors Takeover, Jimmy Choo's Profit Almost Triples

The luxury shoemaker reported its pre-tax profit for the half year hit £18.1 million, helped by its retail and licensing businesses, as well as demand for its men's offering.
Jimmy Choo Cruise 2017 campaign | Source: Courtesy
By
  • Reuters

LONDON, United Kingdom — Luxury shoemaker Jimmy Choo Plc, which is being bought by US retailer Michael Kors, said its pre-tax profit for the half year almost tripled, helped by its retail and licensing businesses.

Pre-tax profit for the six months ending June 30 was £18.1 million, compared to £6.6 million last year. Revenue for the period rose 4.5 percent to £201.6 million.

Michael Kors agreed two months ago to buy Jimmy Choo for $1.2 billion, snapping up the British company whose towering stilettos have been made famous by celebrity customers from Princess Diana to Kendall Jenner.

Jimmy Choo chairman Peter Harf said the deal opened up exciting opportunities.

"The shared vision and distinctive appeal of these two iconic brands will provide an exciting platform to achieve global leadership in luxury retail," Harf said in a statement.

Revenue at the company's Japan unit rose 11 percent at constant currency helped by continued growth in its men's section.

Excluding Japan, the company's Asia business grew 8.2 percent at constant currency, driven by strong demand for seasonal fashion offerings.

Shares in the company were up about 0.2 percent at 07.40 am GMT on the London stock market, trading close to the 230p offer price.

By Sanjeeban Sarkar; editor: Keith Weir.

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