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Jimmy Choo is a 21st century luxury accessories brand, with shoes at its
heart, offering an empowered sense of glamour and a playfully daring spirit.
The brand traces its roots to a bespoke shoemaker named Jimmy Choo,
based in the East End of London in the early 1990s, who catered to the
global jet set, including Princess Diana. The Jimmy Choo company was
founded in 1996, with Mr Choos niece, Sandra Choi, who had been heading
up design in the East End atelier, coming on board as Creative Director, a
position she holds to this day. Mr Choo departed the company in 2001.
The sexy cut, fashionable design, and exceptional Italian craftsmanship
struck a chord with a sophisticated clientele, and the first collection enjoyed
immediate success. With a goal of creating a global luxury business, Jimmy
Choo attracted outside investment and the company embarked on a
significant expansion across product categories, channels and geographies.
A pioneer in the art of celebrity dressing, Jimmy Choo was among the first
to bring shoes and handbags to Hollywood where the red carpet proved to
be the ideal runway for the brand. Today, Jimmy Choo can be seen on style
icons from celebrities to royalty, musicians to heads of state.
The brands reputation as a celebrity favourite helped to fuel its rapid
expansion. Its iconography was further defined by the bold and dramatic
advertising portraying glamorous but strong women in towering heels and
luxurious handbags, captured by photographers such as Mario Testino, Inez
and Vinoodh, Peter Lindbergh and Steven Meisel and Terry Richardson.
Retail development has been integral to the companys strategy. The first
Jimmy Choo store was opened in 1996 on Motcomb Street in London,
complementing a distribution in some of the most prestigious multi-brand
stores in the world. Two years later, the company expanded to the US,
opening two stores in New York City and Beverly Hills. International
expansion continued with Jimmy Choo securing locations in the premiere
luxury shopping destinations of the worlds most prestigious cities including
Sloane Street and Bond Street in London, Avenue Montaigne in Paris, Via
Condotti in Rome, Madison Avenue in New York, Rodeo Drive in Beverly
Hills, and Ginza in Tokyo.
Today, Jimmy Choo encompasses a complete luxury accessories brand.
Womens shoes remain the core of the product offer, alongside handbags,
small leather goods, scarves, sunglasses, eyewear, belts, fragrance and
mens shoes. Pierre Denis was appointed Chief Executive Officer in July
2012 and the creative direction is overseen by Sandra Choi. Together, they
share a vision to create one of the worlds most treasured luxury brands.
Jimmy Choo has a store network encompassing 167 stores in 35 countries
and is present in the most prestigious department and specialty stores
worldwide. In October 2014 Jimmy Choo PLC was publicly listed on the
London Stock Exchange with the ticker CHOO.
SANDRA CHOI
Born in the UK on the Isle of Wight, and educated in Hong Kong, Choi
relocated to London as a teenager to finish her secondary school education.
During this time, Choi went to work with her uncle, Jimmy Choo, who was
then a couture shoemaker based in the East End of London catering to the
global jet set, including Princess Diana. Passionate about turning her
apprenticeship into a career as a designer, Choi attended the prestigious
Central St Martins School where she studied for a degree in Fashion Design
whilst continuing work as Choos protg. At his side, Choi perfecting the art
of creating couture shoes: designing, cutting patterns, stitching, fitting and
constructing lasts. Enchanted by the business, Choi eventually abandoned
her studies so that she could devote herself full-time to design and the
management of the atelier.
In 1996, the Jimmy Choo brand was born with Sandra Choi serving as the
companys Creative Director. Since its inception, Jimmy Choo has grown to
be an internationally recognised label with a passionate clientele worldwide.
The companys first Jimmy Choo store was opened in 1996 on Motcomb
Street in London complementing a distribution in some of the most
prestigious and selective department stores. The sexy cut and fashionable
design of the shoes combined with exceptional Italian craftsmanship struck
a chord with clientele, and the first collection enjoyed immediate success.
Chois fashion insight combined with the skills she refined as a bespoke
shoemaker created a collection that made couture quality available at retail.
With a strategy to expanding internationally, the company established a
retail presence in the United States with its first store in New York City in
1998, followed by Los Angeles in 1999. Using the stores LA foothold to
cater to Hollywood celebrities, Choi worked with celebrities and their stylists
from a hotel atelier creating Jimmy Choo shoes for award show dressing.
The red carpet proved to be the ideal runway for shoes and then handbags,
as actresses such as Halle Berry, Sandra Bullock, Cate Blanchett and
Natalie Portman all took their paces wearing Jimmy Choo.
Accolades followed with Jimmy Choo awarded 2008 'Designer Brand of the
Year' from the British Fashion Council, the 2008 ACE Brand of the Year'
from the Accessory Council and the 2008 'Brand of the Year' from Footwear
News in New York.
Our mission is To capture the Hearts of Women and Inspire Men Around the
World. To achieve our mission, we thrive on talent and passion. We are a
great place for smart people with an urgent passion to build the brand and
serve the customer.
While the company is now a global enterprise with affiliates around the
world, we have worked hard to retain what we refer to our culture. In doing
so, we continue to strive for both a professional atmosphere on par with the
worlds great luxury and retail brands along with that original entrepreneurial
creative spirit and personal touch. As a way of recognising and celebrating
our unique culture at Jimmy Choo, we encourage all our employees to
embrace and live our values.
OUR VALUES:
Heritage - OUR PAST
heritage and never forget that our brand began in a humble shop - offering
extraordinary service, design and quality.
Culture - OUR PASSION
We thrive on talent and passion. We are a great place for smart people with
an urgent passion to build the brand and serve the customer.
Respect - OUR PEOPLE
No one person or team can do it alone. The brand is bigger than any
individual. We challenge, align and show a united front.
Creativity- OUR LIFEBLOOD
We lead through our creativity whether in designing beautiful product or
improving service to our stakeholders.
Customer Focus - OUR JUDGE
There is one version of the truth - the customer is our judge and jury.
Integrity - OUR VALUES
We are always proud of what we do and how we treat each other. We have
high ethical standards and give back to the communities we serve.
As such, we know that people are the greatest asset of the company and
what drives our brand and our business. No matter what their role in the
company, we encourage them to learn more about the heritage of the
company, the vision for the future of our brand and how you can apply our
values to your role.
STRATEGY
Shoes are at the heart of Jimmy Choo and will remain the core
offering. Shoes represent three quarters of revenue, which we do
not expect to change substantially. Jimmy Choo is a specialist
luxury shoe company focused on growing our relationship with
our customers and clients. Growth will always be pursued within
the context of protecting the Jimmy Choo brand identity and
luxury positioning. We believe that Jimmy Choos unique brand
DNA and experienced design team will enable us to continue to
deliver collections that resonate strongly with our clients.
We aim to deliver earnings growth and returns through focusing
on growth ahead of the market and margin expansion, together
with good cash flow conversion.
REVENUE GROWTH
Revenue growth is supported by the store opening programme, through which the
Group plans to open 10 to 15 stores per year, as well as the rollout of the recently
introduced new store concept across the estate. In addition to our DOS expansion
plans, we intend to pursue growth through our multibrand, franchise and JV
channels. All of these are important for Jimmy Choos business model as they
provide access to new markets.
Our aim is to grow towards a regional mix more in line with the wider luxury market
through growth in Asia and selected new markets, while maintaining our presence in
EMEA and USA. Jimmy Choos revenue growth strategy is focused around the
following key pillars:
MARGIN EXPANSION
The revenue growth initiatives described above, together with increased control over
distribution, are designed to drive margin improvement in the business. The opex
impact of the investment in systems and logistics is now complete and the business
is scaled for growth. Direct costs will grow broadly in line with retail revenue and
indirect costs will grow slower than overall revenue. The new systems and logistics
investment will help the management team to improve inventory efficiency, thereby
reducing markdowns and increasing cash flow.
BUSINESS MODEL
Jimmy Choo has the merchandising, design, supply chain, communication and retail
skills and assets to outperform in this attractive and complex category by superior
execution. Jimmy Choo has a strong position in the luxury shoe market, being one of
a very small number of luxury shoe specialist brands with the requisite scale to
compete globally.
DEDICATED AND EXPERIENCED MANAGEMENT
The Group is run by a passionate and experienced senior management team with a
degree of focus on execution which we believe can only be achieved by a pure play
luxury goods company.
The Group has appointed a highly experienced and dedicated management team,
comprising established Jimmy Choo incumbents together with new management
who have a long and successful history of working in the luxury goods sector. The
management team is led by Pierre Denis, CEO, who joined Jimmy Choo in 2012 with
more than 25 years of experience in the luxury industry and a deep knowledge of
Asian markets.
LEADING DESIGN TEAM THAT DRIVES PRODUCT AUTHORITY
Jimmy Choos design team of twelve is led by Sandra Choi, who has been Creative
Director for the Group since its inception. Jimmy Choos design team has a proven
track record of developing Sandras conceptual visions into beautiful products
multiple times each year through a structured process encompassing line plans,
designs, prototypes, edits and pre-launch samples.
Jimmy Choos design team is at the forefront of the industry in terms of its ability to
interpret fashion trends. This provides clients with a very broad product range that
addresses all categories and functions of the luxury shoe offering, including evening,
day, catwalk and boots, and the full spectrum of client tastes.
MERCHANDISING EXCELLENCE
Jimmy Choos merchandising model is designed to nourish the brand through
innovation and drive footfall through timely delivery of fashion-forward products,
underpinned by a continuative core of iconic products which are continuously
reviewed and refreshed. The product calendar is managed to create a structured
flow of new products into our DOS and multibrand networks which drives editorial
focus, footfall and conversion into sales. The calendar is based around multiple
collection drops per year, with the continuative core Choo 24:7 collection
complementing the seasonal offerings.
We expect to benefit from our systems and logistics investment, which includes:
continued development of the online platform, new point of sales infrastructure, a
new centralised warehouse, SAP implementation and product lifecycle management,
many of which are already in place and virtually all of which have become
operational with the opening of our Swiss warehouse in March 2015. These new
investments will significantly enhance service and product availability, streamline
inventory management and improve our operating margin.
Jimmy Choo has a particularly strong presence in EMEA, USA and Japan, with a
growing footprint in the rest of Asia. The Group has experienced strong growth in
recent years across all of these markets. 2014 has been a particularly
transformational year for our DOS network, as we launched our new store concept,
continued the store roll-out programme and began a comprehensive renovation
programme of our existing portfolio. By the end of 2014, we had 125 DOS, of which
15 were in the new store concept. See page 17 for the progress we have made in
our retail network.
As part of our DOS strategy, the Group has invested significantly in our online
platform, which has experienced strong revenue growth in recent years. This
investment, together with the broader investments in the supply chain, is expected to
result in the Group being able to provide an omnichannel client offering in the
medium term.
The Group continues to benefit from our strong multibrand distribution offering, which
provides attractive economics and acts as a lead indicator of collection success and
a benchmark against competitors. The Groups franchise channel acts as an
important entry model into new markets. These serve as a potential springboard to
expanding the DOS network once the new region has become established. This has
already been demonstrated by successful joint venture (JV) and franchise buyouts
in Japan, Hong Kong and China between 2011 and 2013.
OUR PEOPLE
Jimmy Choo is a dynamic community of highly skilled people that have been
brought together around a unique brand that we feel passionately about
The Group is committed to a policy of treating all of its employees and job applicants
equally. No employee or potential employee will receive less favourable treatment or
consideration on the grounds of race, colour, nationality, ethnic origin, religion or
belief, sex, gender reassignment, sexual orientation, age, marital status, civil
partnership status, or disability or will be disadvantaged by any conditions of
employment or requirements of the Company that cannot be justified as necessary
on operational grounds.
We have a comprehensive diversity policy which ensures that everyone who works
at one of our workplaces, whether they are directly employed by Jimmy Choo or not,
is protected from direct and indirect discrimination, harassment or victimisation,
whether deliberate or accidental. In addition, we commit to ensuring that the work
environment is suitable for our employees to carry out their duties, with adjustments
to equipment, location and working practices where necessary.
We have put policies in place to ensure that the recruitment process is free from bias
and that equal work receives equal pay.
RESPONSIBILITY
INVOLVING OUR PEOPLE IN THE BUSINESS
We want all of our employees to be part of Jimmy Choos success. This means not
only excelling in their particular role, but also taking an interest in and influencing
outcomes across the business. We do this through active two way communication,
training, individual recognition and variable rewards linked to corporate results.
Communication
Our internal communication strategy is designed to ensure that the strategic
framework and value creation architecture of the board is well understood by all
employees. We keep employees up to date on the medium term plans for how we
aim to achieve those goals, as well as on the day to day progress of the business.
The Executive Directors present the strategic plan for the year annually to all
corporate employees and managers within the retail business. This is supported by
regular communication in relation to organisational changes in the business and
sales data relevant to each employees region and responsibilities. This regular
update serves to introduce new colleagues as well as provide information on how we
are performing against the strategic framework towards which we are all working.
Jimmy Choo is a dynamic environment and it is important to ensure that the views of
our employees are taken into account as we change and grow. We therefore consult
at local, regional and global levels at an early stage where any changes may impact
our employees. This process is supported by a clear open door policy with our HR
team and a transparent approach, where appropriate, in the business.
All employees are encouraged to come forward with ideas and concerns. This
consultation has positive results for the long term growth of the business, such as
the introduction of new management training specifically designed to help our
employees develop into the senior managers of tomorrow.
Last year, 87% of those attending our newly introduced transition to management
and people management training were female. The introduction of this training was
in response to extensive consultation at many levels in the company, identifying skills
gaps and underlying latent demand. This demonstrates how our business is working
to ensure everyone has the opportunity to be leaders of the business.
Variable Awards
All employees are incentivised with an element of variable compensation linked to
metrics relevant to their role and function. At retail, this is largely linked to sales
commission, whereas in the corporate side of the business, the variable component
of pay is linked to a mix of metrics relating to the companys overall performance
and their particular role and function. This blended approach promotes the ethos that
everyone at Jimmy Choo is responsible not only for their own role but working
together to promote the whole business within the strategic framework.
Values Awards
We invite managers to nominate members of their teams annually to be recognised
in front of their peers as people who have achieved something exceptional and acted
as a role model for our Company Values
COMMUNITY
SOCIAL
Jimmy Choo is committed to improving working conditions for
workers both under its direct operations and across its value
[hide]
1Early life
3Personal life
5References
6Further reading
7External links
Early life[edit]
Choo was born in Penang, Malaysia, into a family of shoemakers. His
family name is Chow but was misspelled on his birth certificateas Choo. He
studied at Shih Chung Primary School in Love Lane, Penang. His father
taught him how to make shoes, and it is often reported that he made his
first shoe when he was 11 years old. [3]
Personal life[edit]
2000: Bestowed a state award carrying the title of Dato' by the Sultan
of Pahang state in Malaysia
2004: Awarded the Darjah Setia Pangkuan Negeri by the Yang diPertua Negeri (Governor) of his home state of Penang, which also
carries the title Dato'[4]
2012: Received You Bring Charm to the World the Most Influential
Malaysian Award