Aiming to grow, Jimmy Choo is about to play a card which proved rewarding to other brands as well: they decided to invest in leather goods collections to balance their own business.
Fifty and fifty
“We aim at becoming an international brand in leather goods as well. At present, footwear accounts for 75% of our revenues: our goal is to make footwear and leather goods even, both reaching 50%”. In addition: “We are already running two different work groups for each category: the former is in charge of production, the latter oversees creativity”. At London headquarters, while speaking to WWD, Pierre Denis, Jimmy Choo chief executive officer, and Sandra Choi, creative director, illustrated the strategy set by Capri Holdings group, who is the owner of the brand.
The one-billion-dollar club
Jimmy Choo aim at reaching one billion dollars, in terms of revenues, starting from their current turnover, which amounts to 600 million dollars. The brand is also planning to expand their sales network: stores will increase from 215 up to 300. “It is high time we were focusing on mid-term business: we want to arouse enthusiasm by creating new models intentionally designed also for new buyers, though everything will still hang on one single element: our product”.
Italy’s (artisanal) factor
Denis stressed the fact that leather goods development “hangs on” their models, “processed in Italy by 6 different artisans”. This is going to be the starting point for Jimmy Choo, which will subsequently expand their product supply, in particular with regard to small-sized bags, whose “price is affordable”.
The Diamond sneaker great success
At the end of the interview granted at WWD, Jimmy Choo chief executive officer recalled the great bestselling success achieved by the Diamond sneaker (which was the first one made by the brand), fully adorned with Swarovski: “We do not have time to keep it in stock”. Finally, he spoke about the brand ownership, which is a private equity fund (Jab Holdings): to some extent, this can limit the fashion house natural attitude, mostly focused on creativity. “When you speak to a fund –pointed out the manager –, you have to clear up, every time, the reason why you are doing things that way; conversely, when we meet up with Capri, we speak the same language”. While presenting their next fall collection, the brand will also disclose their new logo.
Pictures taken from jimmychoo.com