Luxury footwear brand Jimmy Choo has posted a 200% uplift in profits despite falling sales, according to accounts filed at Companies House.
Turnover dropped 6% to £82m in 2009, but pre-tax profit soared from £4.8m to £15.3m, boosted by reduced discounting and cuts to administrative costs.
Jimmy Choo is expanding into new product categories, with the launch of its first perfume tomorrow and a men’s footwear range announced earlier this month. It is understood to also be mulling a move into jewellery, homewares and womenswear.
In September, Jimmy Choo was understood to be mulling a sale or IPO, a process which was not expected to start until 2011.