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Tod’s turnover in 2014 aligned with previous year

Feb 3, 2015 Italy
Tod’s turnover in 2014 aligned with previous year
Italy-based luxury goods group Tod’s, owner of the Tod’s, Hogan, Fay and Roger Vivier brands, presented frozen sales growth (-0.2% in current rates; +0.4% at constant rates)
Consolidated sales for the Tod's group reached 965.6 million euros in financial year 2014, broadly aligned with 2013 turnover (967.5 million euros). In the fourth quarter of the year, sales totaled 224.6 million euros, up by 4.5% from the same period of 2013, reflecting a sharp improvement as compared to the previous quarterly figures.

During the last financial year the impact of currency fluctuations was negative, although at a lowest degree in the last few months; at constant exchange rates, sales would have amounted to 971 million euros (+0.4% from the previous year).

The Tod’s brand reached 568 million euros in sales, with a slight decrease, at constant exchange rates (-1.0%) and at current rates (-1.7%), from 2013. The brand’s performance was positive in the last quarter of the year (+5.7%), with good results in all the regions where the brand is distributed, with the only exception of the Chinese market (negative during the entire year and “impacted by the antigovernment demonstrations in Hong Kong, started in September”).

The Hogan brand’s turnover amounted to 212.4 million euros (-2.1% current and constant rates), with the Q4 wholesale performance affected by a “different timing of the deliveries of 2015 Spring Summer collections”. The Fay brand totaled 57.3 million euros in sales, broadly aligned with the previous year performance. The end of the rationalization of the Italian wholesale distribution resulted in a better achievement of Fay’s turnover. The brand is also starting its international expansion process (first monobrand store was opened in Korea, under a franchising agreement in October). Roger Vivier, a worldwide known maison of luxury accessories and shoes in the most exclusive segment of luxury goods, registered turnover of 126.9 million euros, up by 12.4% from FY 2013, at constant rates.

The group further strengthened its the core business, the shoes segment, with sales of this product category reaching 743.6 million euros (with an acceleration in Q4 (+5.7%). Revenues of leather goods and accessories totaled 155.6 million euros (-2.1% from FY 2013, at constant exchange rates; -3.3% at current rates). Sales of apparel totaled 65.4 million euros, with a slight decrease from FY 2013 (-0.7% current rates and -0.6% constant rates), but growing in Q4 (+4.0%).

Sales in Italy amounted to 311.2 million euros, down by 3.7% from FY 2013. In the rest of Europe, sales totaled 221.3 million euros, up by 6.1% from FY 2013 at current rates (+6.5% at current rates), driven by Germany, UK and Spain. In the Americas turnover totaled 87.3 million euros, down by 1.8% from FY 2013, at constant exchange rates (-3.3% at constant rates). In Greater China, the only negative region in the fourth quarter, total yearly sales reached 225.7 million euros, down 4.4% from FY 2013, at constant exchange rates (-5.0% at current rates). Oustanding performances in Korea, Japan and Singapore resulted in 13.6% growth in the Rest of the World, in constant rates (+10.3% at current rates).



As of December 31st, 2014 the Group’s distribution network was composed of 232 DOS (Directly Operated Stores) and 93 franchised stores. Sales through DOS totaled 616 million Euros, broadly aligned with FY 2013 turnover (-0.3% at current rates; +0.3% at constant rates), and represent 63.8% of consolidated revenues as at the end of December. Revenue from Franchised Stores and Independent Retailers parties totaled 349.6 million Euros, broadly aligned with FY 2013 turnover.

Diego Della Valle, Chairman and CEO of the Tod's Group, commented the results now presented: “In line with our expectations, all the brands achieved a visible improvement of their results in the second half of the year. We have completed the rationalization of the Italian wholesale distribution and we are continuing our expansion of the DOS network in international markets, focusing on the most responsive ones. In line with our strategic plans, we are carrying on the important investments in human resources, production capacity, style, research and communication, according to our usual industrial perspective, which combines the short with the midterm views. Also considering the positive feedback of Spring Summer collections now in stores, despite the low visibility and uncertainty of some markets, we are confident that our Group will register positive results this year”.

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