Sales of the Tod’s brand totalled €123 million in the first quarter of 2017, representing a 6.7% decrease, compared with the same period in 2016. The decline is attributed mainly to the performance of the shoes segment and the impact of the different timing of deliveries. The Hogan brand revenues also declined in the quarter and were reported at €59.4 million; the decrease is said to be mainly due to the weakness of the Italian market, in particular in the wholesale channel. Revenues of the Fay brand stood at €14.6 million in the period, broadly the same as in the first quarter of 2016. “The results in all the main markets of the brand were in line with our expectations”, says the Group in a statement.

However, sales of the Roger Vivier brand totalled €41.3 million, up by more than 15% from the same period of the previous year. “Very strong results in all markets, excepted for the U.S., which continued to be penalised by the sharp drop in tourist traffic”, says the report.

In terms of product category, overall sales in leather goods and accessories were down -1.5% at reported rates (-3% at constant) in the first quarter of 2017 at €32.4 million (Q1 2016: €32.9 million). In footwear, sales decreased -5.1% at reported rates in the quarter (-5.5% at constant) to €190.2 million (Q1 2016: €200.4 million), mainly due to the wholesale channel according to the Group.

Sales in home market Italy were €79.4 million in the quarter (-8.7%), while in the rest of Europe, the Group’s revenues totalled €57.3 million, stable year-on-year. In the Americas, sales were €16.8 million in the period (-15.7%) attributed to lower traffic in the retail channel and a weak wholesale channel. However, the Group’s revenues in Greater China totalled €50.3 million, up 3.6% from Q1 2016, with all regions achieving positive results, except Hong Kong. As for the “Rest of the World”, Group’s sales stood at €34.7 million, broadly aligned with Q1 2016. Performance in Japan and South Korea, which are the main countries for the Group in this area, are reported to have been positive.