GROWING GLOBAL DISTRIBUTION PLATFORM
NEW STORE CONCEPT
During 2014 Jimmy Choo debuted a New Store Concept, developed with David Collins Studio and inspired by haute couture salons and fantasy shoe closets. This refreshes the look and feel of our stores, emphaises our luxury positioning and presents the fashion driven products in more space, while retaining the higher product densities in the Choo 24:7 collection. The new concept integrates the dual gender product portfolio, helping with penetration of the Men's collection globally.
NEW DIRECTLY OPERATED STORE ("DOS") GROWTH
During 2015 we opened 13 new DOS and converted three franchise stores in Singapore and Malaysia to DOS, taking the total DOS portfolio to 141 as at 31 December 2015.
Jimmy Choo continues to plan to open 10 to 15 new stores per year. This store opening programme is weighted towards China, where we remain underpenetrated relative to many larger luxury peers. This store opening rate allows us to capture the growth potential of the white space while ensuring the quality of execution maintains the Jimmy Choo luxury positioning and brand image.
EXISTING STORE RENOVATION
Jimmy Choo plans to renovate 10 to 15 existing stores each year in the New Store Concept. This renovation programme is weighted towards the USA and Europe. The initial results are very positive and indicated that renovated stores in the New Store Concept outperform existing stores by a noticeable margin. During 2015, we refitted a total of 15 stores, with 30% of our portfolio in the new format at the year end.
Our planned ten flagship stores are designed to be a more full expression of the Jimmy Choo brand in key locations. The New Bond Street, Sloane Street, Beverly Hills and Harbour City Hong Kong flagship stores are already open with flagship stores planned for New York, Milan, Paris, Tokyo, Shanghai and Beijing. The programme is expected to be completed by the end of 2017. The creation of these flagships will not entail increasing our number of DOS in any city, as it will be achieved by conversion and expansion of space in some existing stores and relocation to expanded space in other locations.