World Footwear

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Tod's reports strong first half

Aug 4, 2023 Italy
Tod's reports strong first half
The luxury group reported a 21.7% revenue increase in the first half of 2023, as compared to the same period in 2022, with double-digit growth across all brands and product categories
“The sales figures published today confirm the excellent momentum of our Group: all brands recorded solid double-digit growth in revenues in the first half of 2023. The results of Tod’s and Roger Vivier were particularly brilliant, in all their product categories, confirming the ever-increasing appreciation by customers for the very high quality of their products, their craftsmanship and their style. The Asian markets, in which our Group is present with a widespread network of stores, made a major contribution to the growth in revenues in the period; we are equally satisfied with the results recorded in the domestic market and in the rest of Europe, driven by the local demand and by purchases of tourists”, commented Diego Della Valle, Chairman and CEO of the Group.

First Half Results

As of the 30th of June, the Italian-based group's consolidated revenue amounted to 569.1 million euros, up by 21.7% over the same period of the previous year, as all brands and product categories recorded double-digit growth.

Therefore, in the first half of 2023, Tod's brand posted a 21.3% increase in revenue to 283.3 million euros, Roger Vivier's revenue grew by 28.4%, reaching 152.5 million euros, Hogan's revenue rose by 14.3% to 108.5 million euros, and Fay's revenue totalled 23.5 million euros, up by 19.8%, on a comparable basis to the same period of 2022.

As for product categories. The leather goods and accessories category registered a remarkable increase in revenue of 32.9% in the first six months of the year, which amounted to 95.4 million euros, as compared to the same months of the prior year. In the same period, revenue from the shoes category reached 439.3 million euros, up by 18.9% year-over-year, and revenue from the apparel category increased by 28.7% year-over-year to 33.1 million euros.

In the first half of the current fiscal year, the group's revenue increased by 12.2% in Italy, reaching 122.9 million euros, and by 14.0% in the remaining European continent to 116.7 million euros, on a comparable basis to a similar period of the previous year. In Greater China, Tod's revenue totalled 194.4 million euros, up by 43.2% from the first half of 2022, while it declined by 1.8% year-over-year in the Americas region. Meanwhile, in the rest of the world, the company's revenue amounted to 97.9 million euros in this period, growing by 19.4%, as compared to the first six months of last year.

“Considering the solidity of growth, the favourable mix of revenues and the focus on controlling costs and improving operational efficiency, we are confident on the profitability of the semester and on the results for the full year, despite the uncertainty and volatility of the macro-economic context at an international level”, added Diego Della Valle looking ahead.


Image Credits: theimpression.com

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