Luxury Italian group Tod’s has reported a 55.1 percent increase in sales in the first half of the year as its losses narrowed.
The group, which as well as its namesake label also owns brands Fay, Hogan and Roger Vivier, saw sales increase to 398.4 million euros in the six months to June 30 compared to 256.9 million euros a year earlier.
But that was still 10.9 percent below pre-pandemic 2019 levels.
Growth across all brands
Breaking it down by brand, sales at Tod’s increased by 50.9 percent to 188 million euros, sales at Roger Vivier soared 83.6 percent to 112.7 million euros, sales at Hogan were up 38 percent to 80.5 million euros, and sales at Fay grew 35 percent to 16.8 million euros.
The group’s net loss came in at 20.7 million euros, considerably narrowed from the net loss of 80.6 million euros it posted a year earlier.
Group CEO and chairman Diego Della Valle said the second quarter of the year confirmed the group’s improving trajectory, especially in markets where stores are working at full capacity.
He said growth was “very strong” in China, though other areas are still feeling the impact of reduced tourism.
“Roger Vivier registered solid results and consumer feedback on the Tod’s brand collections was very satisfactory, both for shoes and for all leather goods; we are also very satisfied with the good start of the fall-winter collections currently in stores,” he said in a release.
He added that the performance of the group’s e-commerce channels was excellent, citing “the important investments made in the digital division”.
“I believe that the increase in volumes and the quality of revenues, together with the careful control of overhead costs, will allow us to achieve a gradual improvement in margins,” he said.