The Italian luxury group Tod’s reported a strong increase in sales for the first quarter. The reason for this is a “sudden recovery” in the Chinese market, where sales in recent years have been affected by the ongoing corona restrictions.
The group achieved sales of EUR 270.5 million in the three months ended March 31, up 23.2 percent from EUR 219.6 million in the same period last year.
Sales in China rose by 29.2 percent to EUR 88.6 million. In the group’s home Italian market, sales rose 17.8 percent to 59.9 million euros, while sales in Europe excluding Italy rose 18.3 percent to 57.3 percent.
In the ‘Rest of the World’, Tod’s achieved a year-on-year increase in sales of 32.8 percent to 48 million euros, while sales in the group’s smallest market, Americas, increased by 6.6 percent to 16.7 million euros.
Growth across all brands
All of the group’s brands posted double-digit growth in the first quarter, with Roger Vivier up 30.9 percent to EUR 68.6 million and Fay up 30.6 percent to EUR 14.2 million. The eponymous label Tod’s saw sales increase 24.4 percent to 130.2 million euros, while Hogan’s sales rose 10.1 percent to 56.8 million euros.
“Sales data for the first quarter of 2023 confirms the excellent performance of our group, with all brands reporting solid double-digit sales growth,” said Diego Della Valle, CEO of Tod’s Group. “The contribution of the Chinese market, where our group is present with a significant network of stores, was very important as it returned to excellent growth rates after the lifting of the Covid restrictions.”
This translated and edited post previously appeared on FashionUnited.uk.