-By Mansi Suryarvanshi
INSIGHTS
- Revenues for the first quarter of FY23 at constant rates came in at €270.9 million, up 23.3% year over year.
- Growth was fueled by the company’s brands Tod’s and Roger Vivier.
- Sales of leather goods increased 36.5%, while those of shoes increased 19.3%.
- Revenues in Italy and Europe increased by 18%, while those in China increased by 29%.
- Growth in the retail sector was 23.6 percent.
In the first quarter (Q1) of fiscal 2023 (FY23), Tod’s SpA, an upscale Italian fashion brand, reported revenues of €270.9 million at constant currency rates, up 23.3 percent over the same time in the previous year. A 23.2 percent rise over Q1 FY22, the business recorded a combined turnover of €270.5 million for Q1 FY23.
The results were primarily driven by Tod’s and Roger Vivier, whose famous shoe, leather goods, and accessory families had excellent year-over-year (YoY) growth of 24.4 and 30.9 percent, respectively. According to a press statement from the firm, both brands’ presence in China’s upscale malls through their own networks of points of sale had a big role in the expansion.
All product categories for combined sales had double-digit increase, with leather goods growing by 36.5% YoY and shoes by 19.3% YoY. Geographically, every area saw rapid development, with China growing by 29% YoY and Europe and Italy expanding by 18% YoY.
Revenues from the retail channel, which generates more than 70% of the group’s income, increased by 23.6% year over year. The substantial expenditures made by the firm in the digital sphere benefited the e-commerce channel as well.
“Sales results for the first quarter of 2023 reflect the great success of our group,” stated Diego Della Valle, chairman and CEO. “All brands showed significant double-digit sales growth. The results for Tod’s and Roger Vivier were remarkable, and positive comments across all product categories confirmed how much our consumers value the exceptionally high quality of our goods, their Italian workmanship, and their way of life.
“Growth is occurring across the board. Thanks to strong local demand and purchases made by visitors, the firm achieved good success in both the Italian and the European markets. With the restoration to great growth rates following the release of the COVID-19 limitations, the Chinese market, where our Group is present with a sizable network of outlets, made a significant contribution.
