The Italian fashion group Tod’s SpA closed the 2021 financial year with an unexpectedly high increase in sales. This emerges from preliminary figures presented by the company on Tuesday.
“Revenues have progressively improved and increased significantly in the fourth quarter from 2019 levels,” said Chairman and CEO Diego Della Valle in a statement. “The gradual recovery in Europe, in addition to the excellent results of our brands in China and on the entire Asian continent, contributed to this.” This development proves “a general improvement in market conditions”, but also “the great appreciation of the customers for the quality and Creativity of our collections,” emphasized Della Valle. The company intends to publish its final annual report for 2021 on March 10.
According to the figures available, the group, which owns the brands Tod’s, Roger Vivier, Hogan and Fay, generated sales of EUR 883.8 million in the past financial year. It exceeded the 2020 level by 38.7 percent. Adjusted for exchange rate changes, revenues even rose by 39.2 percent. Compared to the pre-crisis year 2019, sales fell by 3.5 percent (currency-adjusted +45.9 percent) despite strong growth in Greater China (currency-adjusted -2.6 percent).
All product categories contributed to the surprisingly strong growth: sales of shoes rose by 35.5 percent (currency-adjusted +35.8 percent) to EUR 703.2 million compared to the previous year, with leather goods and accessories by 63.6 percent (currency-adjusted + 65.6 percent) to 120.1 million euros and clothing by 34.5 percent (currency-adjusted +34.6 percent) to 59.5 million euros.
There was a strong upward trend in all market regions. In Italy, group sales grew by 32.7 percent to 217.2 million euros, in the rest of Europe by 15.4 percent (currency-adjusted +15.6 percent) to 172.5 million euros. Business in the other regions developed even more dynamically: the company posted the most significant increases in America, where sales increased by 70.6 percent (currency-adjusted +76.8 percent) to EUR 62.5 million. In Greater China, sales amounted to EUR 313.4 million, up 59.5 percent (+58.2 percent at constant currency) on the previous year, while the rest of the world grew by 30.2 percent (+33.8 percent at constant currency) to 118.2 million euros.