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Jimmy Choo in vogue despite rivals' woe

Choo said 2016 trading was meeting hopes despite problems facing the industry

Jimmy Choo fashion model
Choo sells women's and men’s shoes, handbags and other fashion accessories

Shares in couture shoe designer Jimmy Choo PLC (LON:CHOO) were in vogue after it became the latest fashion brand to confound industry trends with resilient trading.

The stock kicked 15.45p, or 16%, higher to 111.4p after Choo said 2016 trading was meeting hopes “despite headwinds facing the majority of the sector.”

Choo, which sells upmarket shoes, handbags and fashion accessories, said growth remained on course in its 140-plus shops and department store concessions, including in Asia.

Brand awareness was still increasing strongly, particularly in China, where it believes it has scope to expand.

The update comes after Ted Baker issued a similarly positive statement on Tuesday, reporting retail sales up 12.7% against what it described as tough trading.

It contrasts with the fortunes of retailers such as Next Plc (LON:NXT) and Marks & Spencer PLC (LON:MKS), which blamed a cold spring for a lack of demand for summer outfits.

Choo said operating efficiency improvements and cost-cuts meant it was on track to increase margins and generate good levels of cash.

Chairman Peter Harf said: "Jimmy Choo made excellent progress in 2015 in challenging market conditions.”

Broker Liberum Capital said: "Others may be suffering but Choo is not. We leave forecasts and our 135p target price unchanged, but see the shares as oversold. We upgrade to 'buy'."

Quick facts: Jimmy Choo PLC

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LSE:CHOO
Market: LSE
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