“The Q1 results are in line with our expectations, since the new business model’s effects cannot be visible yet. We are in the process of implementing the new plan... Regarding our distribution, we are transitioning to a new omni-channel model, aimed at connecting seamlessly both our stores and our fast-growing e-commerce. We are strengthening the marketing and communication teams, to effectively seize all the new opportunities arising from the digital arena... I believe that, if the new strategic plan implementation continues according to our expectations, we can achieve excellent results in a reasonable timeframe”, commented Diego Della Valle, Chairman and CEO of the group.

In the first quarter of 2018, at constant exchange rates consolidated sales totaled 234.1 million Euros, down by 1.8% from similar period in 2017 (5.2% reported rates). As expected, sales have been hugely affected by currencies fluctuations, mainly for Tod’s and Roger Vivier, which have an important presence abroad. At reported rates, revenues totaled 226.1 million Euros.

At constant exchange rates, Tod’s sales totaled 124.6 million Euros in the first quarter, up by 1.3% from similar period in 2017. This value fell to 119.6 million Euros at reported rates, due to the negative currencies impact. Hogan revenues totaled 56.3 million Euros at constant rates (55.7 million Euros at reported rates) with the decline entirely due to the difficulty of the Italian market. The brand registered double-digit growth in Europe and in China. Sales of Roger Vivier totaled 40.2 million Euros at constant rates, down by 2.8% from Q1 2017. At reported rates, revenues amounted to 37.8 million Euros. Sales of Fay totaled 12.8 million Euros (declining from similar period in 2017, mainly due to the weakness of the domestic market).

Revenues from shoes totaled 188.6 million Euros at constant exchange rates, with a small decrease as compared to the first three months of 2017. Excluding the exchange rate impact, the value of sales reached 182.2 million Euros. Sales of leather goods and accessories totaled 31.1 million Euros at constant rates; at reported rates, revenues of this category totaled 29.6 million Euros. Sales of apparel totaled 14.2 million Euros at constant rates (14.1 million Euros at reported rates) broadly reflecting the trend registered by the Fay brand

In the first quarter of 2018, domestic sales totaled 70.2 million Euros; the decrease was mainly driven to the weakness experienced by the wholesale channel, mainly in provincial cities. In the rest of Europe, the group’s revenues totaled 58.4 million Euros at constant exchange rates (57.6 million Euros at reported rates), showing a slight increase from the previous year. In the Americas sales amounted to 17.2 million Euros at constant rates, up by 2.3% from Q1 in 2017. The group’s sales in Greater China totaled 52.5 million Euros, up by 4.4% from similar period in 2017, reflecting positive results in mainland China, Hong Kong and Macao.