Italy’s Tod’s SpA, which owns footwear brands Tod’s, Roger Vivier, Hogan and clothing brand Fay, reported sales growth across all brands and product categories in the first half of the fiscal year. Group sales amounted to 569.1 million euros, which corresponds to an increase of 21.7 percent compared to the first half of 2022 (467.5 million euros). At constant exchange rates, the increase amounts to 22.8 percent. The half-year ended on June 30, 2023.
The growth was driven by strong demand in the home market of Italy and in Europe. Japan and China stood out internationally. In China, sales rose by 43.2 percent to sales of 194.4 million euros, making the Chinese market the second most important market behind Europe (including Italy). In its own retail – including online trading – sales grew by 23.6 percent to 430.8 million euros. In the wholesale and franchise area, sales increased by 16.2 percent to 138.3 million euros. More than 75 percent of the group’s sales come from retail. As of June 30, 2023, the Group’s distribution network consisted of 336 group-owned stores and 93 franchised stores, compared to 318 owned and 85 franchised stores as of June 30, 2022.
All brands in the group achieved double-digit sales growth, led by Roger Vivier with 28.4 percent growth (152.5 million euros) and Tod’s with 21.3 percent to 283.3 million euros.
Diego Della Valle, Chairman and CEO of the Group, on the result: “I am very satisfied with the results achieved by our Group in the first half of 2023: the double-digit sales growth of all brands was accompanied by a strong improvement in profitability, with the Operating profit more than tripled compared to the previous year. Despite the uncertainties and volatility of the macroeconomic context at international level, the group’s solid results, the good quality of the management team and the excellent feedback on the next collections make me confident about our future results in terms of sales growth and profitability.”
The group wants to continue to invest in the supply chain, with a recruitment plan for young people to secure the next generation of skilled tradesmen.