Piquadro brands show positive H1 results

Italy
Published:  02 December, 2021
Credit: Piquadro

Consolidated revenue for the Italian luxury leather goods brand in the first half of the financial year ending September 30, 2021, was €63.7 million (US$72.3 million), an increase of 31.2% on the previous year (Covid affected).

EBITDA came in at €8.5 million (US$9.6 million), up from €4.8 million (US$5.4 million) in 2020/21, while adjusted EBITDA was €1.7 million (US$1.9 million).

For the Piquadro brand, sales amounted to €28.2 million (US$32 million), a year-on-year increase of 26.2%. The wholesale segment recorded an increase equal to 19.8% and e-commerce increased by 9.4%.

Sales for The Bridge brand amounted to €11.1 million (US$12.6 million), a 33.8% increase on the same period in the previous financial year. Wholesale increased for this brand by 31.8%, while e-commerce jumped by 13.3%. For the Lancel brand, sales reached €24.2 million (US$27.4 million), an increase of 36.2%. Wholesale grew by 64.3% and e-commerce by 79.7%.

Group revenues in Italy were €30.1 million (US$34 million), comprising a share of total turnover of 47.3%, increasing by 23.5% on the last year. In the wider European market, turnover came to €31.2 million (US$35.4 million), equal to 49.1% of consolidated sales, with a 39.4% increase. This increase was due to increased sales under the three brands particularly in Russia and Germany

In the non-European geographical area (“Rest of the World”), Piquadro recorded a turnover of €2.3 million (US$2.6 million) equal to 3.6% of consolidated sales with a 32.5% increase compared the same period last year. This increase was due primarily to the performance of Lancel in the Asian market, where China is the most important market for the group.

Outlook

The company reports it is reassured by positive performance in the year so far but is continually monitoring the evolution of the situation connected with the spread of Covid-19 despite the very positive sales trends. Piquadro will continue to focus on maintaining safety standards and remains cautious of operating costs and safeguarding liquidity as well as seizing significant growth opportunities linked to economic recovery.