Companies

Tod’s posts strong 2023 results

Feb 2, 2024 Italy

The Italian-based luxury group delivered a strong performance in 2023, highlighting the double-digit revenue growth at constant exchange rates across all its brands, as compared to 2022

“Our Group achieved excellent sales results in the financial year; all brands recorded revenue double-digit growth, at constant exchange rates. 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”, commented Diego Della Valle, Chairman and CEO of the Group.

Full Year Results

In 2023, the group’s consolidated sales reached 1.13 billion euros, an increase of 11.9%, on a comparable basis to the previous fiscal year. At constant exchange rates, the revenue would amount to 1.15 billion euros, up by 14.0% from 2022. In the fourth quarter, Tod’s group sales rose by 7.5% year-on-year at constant exchange rates, driven by the retail channel.

“All the Group's brands recorded, at constant exchange rates, double-digit growth in revenues in the 2023 financial year”, highlighted the company. Last year, sales of Tod’s brand increased by 12.8% to 575.2 million euros, Roger Vivier by 19.4% to 293.7 million euros, Hogan by 10.1% to 215.7 million euros and Faye by 13.1% to 60.4 million euros, as compared to fiscal 2022.

By product category, the performance of the leather goods and accessories segment stands out, with sales of 192.4 million euros in 2023, up by 19.8% at constant exchange rates over the previous year. Apparel and shoes followed, with sales increasing by 17.4% to 79.6 million euro and 12.4% to 873.0 million euro, respectively, at constant exchange rates.

In Greater China, the group’s sales rose by 28.2% at constant exchange rates in 2023, as compared to the prior year, totalling 368.1 million euros, even with some market volatility in individual quarters.

Last year’s sales in Italy amounted to 263.9 million euros, an increase of 4.9% at constant exchange rates, and in the rest of Europe to 239.4 million euros, an increase of 10.4% at constant exchange rates. The group stressed the positive impact of “the strength of local demand and significant purchases by tourists” in these markets.

“With a progressively improving trend in recent months”, the American market recorded a full year sales growth at constant exchange rates of 4.3% year-on-year to 85.6 million euros. At last, in the rest of the world, sales from the group reached 190.5 million euros, reflecting an increase of 12.5% at constant exchange rates from the prior year.

Image Credits: azyaamode.com

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