Tod’s Greater China sales mitigate European challenges
Luxury fashion retailer Tod’s says Greater China sales rose 3.2 per cent last year, to reach €218.7 million.
Releasing annual sales results, the Italian-based company said Greater China sales growth accelerated during the fourth quarter, especially on the mainland which now accounts for 60 per cent of its Asian turnover. Hong Kong and Macau also performed well, although the company did not disclose detailed figures for the two territories.
Tod’s consolidated global sales reach €958.2 million at constant exchange rates, which was essentially the same as for 2017. Tod’s and Roger Vivier were affected by currency fluctuations.
Retail sales reached €622.3 million, with wholesale revenue comprising the rest. However same-store sales fell by 3 per cent, due to declines across Europe which erased the China growth. In Italy, consumers were spooked by political and economic uncertainties and greater Europe by lower sales to tourists.
“Last year’s sales results were substantially in line with our expectations, despite the growing international economic and political uncertainties,” said chairman and CEO Diego Della Valle.
By label, Hogan sales rose 1.8 per cent, Tod’s and Roger Vivier held steady and Fay slipped 3.4 per cent.