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Jimmy Choo narrows losses

Luxury shoe brand Jimmy Choo has narrowed its losses to £10.4m in 2014, down from £17.7m the year before, despite £8m costs related to its IPO.

Revenue increased by 6.4% to £299.7m in the year to December 2014, while like-for-like sales were up 5.7%.

Jimmy Choo, which listed on the London Stock Exchange in October, saw a 34.5% increase in sales in Asia, excluding Japan, to £34.8m for the year.

The business opened nine stores globally in 2014 and will roll out a further 10-15 per year, with a focus on China.

Pierre Denis, chief executive of Jimmy Choo, said: “This has been a year of great financial, strategic and operational progress for the company. We are expanding in Asia and selected new markets where we are underpenetrated compared to our peers.

“We remain focused on executing our growth strategy and pursuing growth without compromising our brand or its luxury position despite the more challenging macroeconomic environment.”

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