Tod’s Group revenues grew 11.9 percent to EUR 1.12 billion (USD 1.22 billion) for the full-year ending December 31, coinciding with a double-digit uptick in Greater China sales, and a strong Japan market.
By region, group sales in Greater China surged 24.2 percent to EUR 356.7 million. However, the Italian luxury firm added that “the Chinese market has shown some volatility in results during individual quarters, due to the different basis for comparison in 2022; in the year, revenues from this area recorded solid double-digit growth, also compared to 2021.”
Sales in Italy grew 4.9 percent to EUR 263.9 million, and revenues in Europe were up 10.5 percent to EUR 239.6 million.
Revenues in the Americas were up 3.5 percent to EUR 85 million, while rest of the world revenues, which includes Asia countries outside China, were up 7.2 percent to EUR 181.5 million euros, driven by Japan.
By brand, sales of the Tod’s brand increased 10.4 percent to EUR 562.9 million, and Roger Vivier sales were up 16.5 percent to EUR 286.7 million. Meanwhile, smaller brands Hogan and Fay were up 9.3 percent to EUR 214.2 million, and 13.2 percent to EUR 60.4 million, respectively.
“We are very satisfied with having achieved the objectives we set ourselves at the beginning of the year, despite a difficult macroeconomic context at an international level,” said Diego Della Valle, chairman and chief executive officer of the Tod’s Group.
“Considering the good quality of these figures, we are very positive about the income results that we will be able to obtain, as well as about the excellent future growth potential of our group.
“The global market trend, increasingly appreciating the high craftsmanship and the Italian lifestyle, makes our brands increasingly desirable for high-quality consumers. Our group is, as always, very attentive to everything that can improve the conditions of our employees, activating in this spirit many initiatives and projects useful for improving common well-being.”
The earnings update comes on the back of a changing of the guard at the Tod’s brand. In November, the luxury marque Tod’s appointed Matteo Tamburini to the role of creative director of its women’s and men’s collections.
The first collection under Tamburini will be Tod’s Autumn/Winter 2024/25 women’s collection, presented during the next fashion week in Milan, in February 2024.