Italian luxury group Tod’s has reported a 21.7 percent jump in revenue and improved profitability in the first half of the year.
Group sales increased to 569.1 million euros in the first six months of the year, while its net profit widened to 30.9 million euros from 0.8 million euros.
Breaking it down by brand, sales at the group’s namesake label increased 21.3 percent to 283.3 million euros.
At Roger Vivier, its second biggest label, sales jumped 28.4 percent to 152.5 million euros.
Meanwhile, sales at Hogan increased 14.3 percent to 108.5 million euros, and at Fay they rose 19.8 percent to 23.5 million euros.
The group experienced double-digit growth across all categories, with ‘leather goods and accessories’ the stand-out performer, up 32.9 percent year-on-year.
The company also saw positive momentum for its bottom line, with its net profit widening to 30.9 million euros from 0.8 million euros the prior year.
Group CEO and chair Diego Della Valle said in a statement: “I’m very satisfied with the results achieved by our group in the first half of 2023: the double-digit growth in revenues, for all brands, was accompanied by a strong improvement of profitability, with the operating result more than tripling compared to last year.”
Tod's and Roger Vivier shine
Valle hailed the results at Tod's and Roger Vivier as “particularly brilliant” across all their product categories.
He continued: “Excellent results were recorded in the domestic market and in the rest of Europe, driven by local demand, as well as by tourist purchases; Asian markets also made a large contribution to revenue growth over the period.”
Like many luxury companies, Tod’s benefited from strong sales growth in Greater China as the region continued to rebound from the pandemic.
Sales in Greater China were up 43.2 percent on the prior year, while sales in Italy were up 12.2 percent, in Europe (excluding Italy) were up 14 percent, and in Rest of World were up 19.3 percent.
The only region to report a contraction in the first half was the Americas, where sales fell 1.8 percent.
Valle added: “Despite the uncertainties and volatility of the macroeconomic context at an international level, the solidity of the group's results, the good quality of the management team and the excellent feedback received from the next collections make me confident about our future results, in terms of growth in sales and profitability.”