MILAN – Tod’s Group’s sales momentum continued in the first half of the year, with all brands posting double-digit growth, according to preliminary results published on Wednesday.
The Italian luxury goods group rose 21.7 percent to €569.1 million in the six months to June 30, driven by the performance of Asian markets and the return of tourists to Europe. The group said the currency impact was negative by 5 million euros.
“Despite macroeconomic uncertainty and volatility, given the certainty of growth, favorable mix of revenues, and focus on cost control and improving operational efficiency, we are confident of our profitability in this period and our full-year results.” Chairman and CEO Diego Della Valle said that while the Asian market contributed significantly to the revenue growth, the company remains “similar to the results recorded in the domestic and Chinese markets. I’m satisfied with that,” he added. The rest of Europe is driven by local demand and tourism spending.
When the company announced first-quarter results in May, it said strong local demand and tourist purchases, particularly from Americans, intra-European, Italian and European Middle Eastern customers, made significant contributions. It was advertised as doing so. 40% of sales.
Tod’s Group manages the Tod’s, Roger Vivier, Hogan and Fay brands.
Roger Vivier and Tod’s, which have the largest presence overseas, outpaced the group’s growth, increasing by 28.4% to 152.5 million euros and 21.3% to 283.3 million euros, respectively. Fay’s sales increased by 19.8% to 23.5 million euros, while Hogan’s sales increased by 14.3% to 108.5 million euros.
Roger Vivier Fall 2023 Provided by: Roger Vivier
By category, footwear sales increased by 18.9% to 439.3 million euros.
Sales of leather goods and accessories increased by 32.9% to €95.4 million. Apparel increased by 28.7% to €33.1 million.
By region, sales in Italy increased by 12.2% to 122.9 million euros, and sales in Europe increased by 14% to 116.7 million euros. Meanwhile, sales in the United States decreased by 1.8% to 37.2 million euros. The company said in May that the majority of its U.S. customers’ purchases have shifted significantly overseas.
“We consider the U.S. to be an important market, but one that has low penetration,” Chief Financial Officer Emilio Macellari said on a conference call with analysts, adding that he wants to further develop the market. said the goal.
Sales rose 43.2% to 194.4 million euros, as the impact of the lifting of COVID-19 restrictions continues and a decline in the United States was offset by strong sales in Greater China.
In the first half, the retail channel grew by 23.6% to €430.8 million. As of June 30, the group’s distribution network consists of 336 directly operated stores and 93 franchised stores, compared to 318 DOS stores and 85 franchised stores as of the end of June last year.
Third-party sales increased by 16.2% to 138.3 million euros.
Earlier this month, sources told WWD that Walter Chiapponi will step down as creative director of Tod’s in September after the brand’s spring 2024 women’s wear show, and the company later confirmed that Ta.
Walter Chiapponi, creative director of Tod’s.Photo provided
The group announced that the final results for the first half of the year will be announced on September 6th.
