Tod’s reports strong Q1 sales amid Greater China recovery

Luxury Italian group Tod’s has reported a strong increase in sales in the first quarter amid a “sudden recovery” in Greater China where sales had been hit in recent years by prolonged Covid restrictions.

The group made sales of 270.5 million euros in the three months to March 31, up 23.2 percent from 219.6 million euros a year earlier.

That came as sales in Greater China surged 29.2 percent to 88.6 million euros as shoppers returned to physical stores following the lifting of pandemic-related restrictions.

Sales in the group’s home market of Italy, meanwhile, increased 17.8 percent to 59.9 million euros, while sales in Europe, excluding Italy, rose 18.3 percent to 57.3 percent.

Sales in ‘the Rest of World’ surged 32.8 percent to 48 million euros, while sales in the group’s smallest market, America, increased 6.6 percent to 16.7 million euros.

Growth across brands

All the group’s brands posted double-digit growth in the first quarter, with especially strong performances from Roger Vivier, which increased 30.9 percent to 68.6 million euros, and Fay, which increased 30.6 percent to 14.2 million euros.

Namesake label Tod’s meanwhile, reported a 24.4 percent increase in sales to 130.2 million euros, while sales at Hogan increased 10.1 percent to 56.8 million euros.

Tod’s Group CEO Diego Della Valle told investors: “Sales data for the first quarter of 2023 confirm the excellent performance of our Group: all brands recorded solid double digit growth in revenues.”

He also hailed strong sales growth across markets, noting: “The contribution of the Chinese market, where our group is present with an important network of stores, was very important, with the returning to excellent growth rates following the lifting of the Covid restrictions.”