Jimmy Choo is set to expand across China over the next five years.
Founder Tamara Mellon revealed plans yesterday to open up 50 stores in China – the world’s fastest-growing luxury market.
The upscale shoemaker currently has just two shops in China – in Beijing and Shanghai. A third is set to open at the end of this year in Nanjing.
Mellon told AFP: “Our (China) business has increased 100 percent (in terms of profits) in the last year on the existing locations we have.”
Mellon said Jimmy Choo would open at least 30 stores in China by 2016, but added that that the country’s potential over the next five years could be up to 50 new stores.
In comparison, Jimmy Choo – whose shoes cost from $300 (£193) to $1600 (£1,027) – has 40 stores across the United States.
China’s economic boom has created an ongoing explosion of wealth in the country in recent years. Forbes magazine reported earlier this month that China had 146 billionaires this year – up 14% on last year. The United States still leads the race with 413 billionaires.
Brokerage firm CLSA Asia-Pacific Markets predicted in January that China would be responsible for 44 percent of global luxury goods by 2020.
Mellon added that a good portion of China’s wealthy are relatively young - in their 30s and 40s - compared with other markets.
She said: “The wealth here is very young, which is great because they love luxury, they love fashion, so this is a very exciting market.”
She said women now make up more of the luxury market compared to a few years ago.