Jimmy Choo boss warns life is getting tougher for luxury labels as profits drop

Upmarket shoes brand Jimmy Choo, which has £2995-a-pair crystal-covered Cinderella heels in its range, has warned life for luxury retailers is getting tougher.

The fashion house’s operating profit was £18.5 million in the first half, down from £19.1 million in the same period of 2014.

This was despite revenue of £158.5 million, up from £150.2 million.

Chief executive Pierre Denis said there was “a more challenging macroeconomic environment” which would lead to lower growth.

Despite this, Jimmy Choo, modelled by Ondria Hardin, is on course to refurbish or relocate 10-15 stores this year and open a similar number of shops by the end of 2015.

Jimmy Choo’s shares debuted late last year at 140p. They fell 2.2% to 163p today.

French luxury handbags manufacturer Hermès was more upbeat, with first-half profit up by a fifth to €748 million (£546 million). Revenue increased 21% to €2.3 billion.