Tod’s Group reports disappointing financials
Italian luxury group Tod’s, owner of brands such as Hogan, Roger Vivier, Elsa Schiaparelli and Tod’s reports a modest sales increase of 1.7 percent at constant exchange rates for the full year 2013, reaching a total of 979,2 million euros, missing analyst estimates due to another steep fall of 16 percent in sales in Italy, its main market.
Sales in Greater China jumped 21.3 percent over the previous year, coming to represent about a quarter of the company’s turnover. Revenue climbed 10.5 percent in the Americas.
Tod’s said sales of its Roger Vivier brand increased by 52.5 percent, but fell 22.6 percent at Fay, which is the most exposed of all its labels to Italy and the wholesale channel. Tod’s shares have been under pressure in January alongside other Italian luxury goods stocks, due to fears of a slowdown in the sector, and concerns it may be over-valued.
Last year, Tod’s launched an ultra-luxury men’s retail concept at its Milan flagship store and earlier this month presented durin Milan Fashion Week its first complete fashion collection of Tod’s for Men, including apparel and accessories.