Tod’s Group Asia sales defy world results
Tod’s Group Asia sales rose in the latest quarter at the same time they fell in every other global market.
In greater China, sales rose 3.6 per cent year-on-year and sales increased in every market within the region, except in Hong Kong, which “remained negative, even if with lower decrease than in the past years”. Regional sales totalled €50.3 million.
While the company warned that analysing quarterly figures is not fully meaningful, due
to the discrepancies in the flow of industrial revenues on a monthly basis, there was no denying it was a gloomy quarter for the company, which owns the retail brands Tod’s, Roger Vivier, Hogan and Fay.
Total sales were €238.5 million, down 4.4 per cent. On a constant exchange rate basis they were down 5 per cent. The worst performing market was North America, where group sales plunged 15.7 per cent. Sales in the group’s Italian home market fell 8.7 per cent.
Chairman and CEO Diego Della Valle put on a brave face despite the data, saying first quarter sales show the improvement in the trend registered in stores, the strong acceptance of
leather goods in the spring-summer collections and the “outstanding results” of the brand Roger Vivier which recorded a 15.6 per cent improvement.
He said the group was strengthening its management team to reinforce its communication and digital areas.
“We are continuing the strengthening of e-commerce, which we consider more and more strategically important for the future of our group. We are also setting up our organisation to produce more collections during the year and we are adding some new generation stores to offer customers totally new shopping experiences.”