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Tod's sales grow by 23%

May 16, 2023 Italy
Tod's sales grow by 23%
The Italian-based luxury group posted a 23.2% sales increase in the first quarter of 2023, as compared to the same period of last year, with all its brands posting double-digit revenue growth
“Sales data for the first quarter of 2023 confirm the excellent performance of our Group: all brands recorded solid double-digit growth in revenues”, stated Diego Della Valle, Chairman and CEO of the Group. Results were outstanding for Tod's and Roger Vivier, with excellent feedback in all product categories, confirming our customers’ ever-increasing appreciation for the very high quality of our products, their craftsmanship and their Italian lifestyle. All geographic areas are growing. The Group recorded excellent results in both the Italian and the European markets, thanks to both solid local demand and tourist purchases. The contribution of the Chinese market, where our Group is present with an important network of stores, was very important, with the return to excellent growth rates following the lifting of the Covid restrictions”, he summed.

First Quarter Results

In the first quarter of the current year, the luxury group reported revenue growth of 23.2%, which amounted to 270.5 million euros, as compared to the same period of 2022. The retail channel, which accounts for 70% of the group's turnover, posted a revenue increase of 23.6% in this period year-over-year, with the wholesale channel revenue growing at the same pace.

Tod's brand, in the first three months of 2023, registered an increase in sales of 24.4%, reaching 130.2 million euros, while Roger Vivier's sales were up by 30.9%, totalling 68.6 million euros, on a comparable basis to the same quarter of the prior year. “The contribution of China, where both brands are present with their own network of points of sale in the most important luxury malls, was important”, pointed out the company. In the same quarter, Hogan's sales grew by 10.1% to 56.8 million euros and Fay's sales rose by 30.6% to 14.2 million euros, year-over-year.

By product category, in the first quarter of the year, shoe sales reached 206.8 million euros, up by 19.3%, leather goods and accessories sales amounted to 43.3 million euros, up by 36.5%, and apparel sales totalled 19.8 million euros, up by 37.2%, as compared to a similar quarter of 2022.

In the three months to the 31st of March, the group's sales in Italy and in the remaining Europe rose by 17.8% and 18.3%, respectively, adding 59.9 million euros and 57.3 million euros to the total revenue, on a comparable basis to the same months of the previous year. In Greater China, Tod's sales surged by 29.2%, year-over-year, reaching 88.6 million euros, as a result of the “easing of the strict restrictions imposed by the central government to face the Covid-19 pandemic”.

Only in the America region, the performance was mild, with sales up by 6.6% to 16.7 million euros, due to the “shift abroad of a large part of the purchases of the American clients”, since in the rest of the world sales grew by 32.8%, reaching 48.0 million euros, “driven by the excellent results of Japan, Singapore and the Middle East”.


Image Credits: theimpression.com

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