Piquadro sees significant growth in Q1

Italy
Published:  22 July, 2022
Credit: The Bridge

Italian luxury leather goods brand Piquadro has released its financial results for the first quarter of the 2022-23 fiscal year.

For the three months to June 30, 2022, the company achieved consolidated turnover of €32 million, an increase of 47.2% year-on-year.

For the Piquadro brand, revenues for the first quarter of the year were €11.8 million, an increase of 36.4%. The wholesale channel for the brand increased by 23.1% in the period, directly operated stores (DOS) increased by 59.7% and e-commerce saw growth of 21%.

For The Bridge, revenues were €5.6 million in the first quarter, a year-on-year increase of 52.3%. Wholesale for this brand saw an increase of 55%, DOS of 53.3% and e-commerce grew by 27.1%. Finally, for Lancel, sales revenue was €14.6 million, a yearly increase of 55.1%. Wholesale increased by 18.4% while DOS saw growth of 87.1%.

A share of 38.7% of the sales for the period came from the company’s home market of Italy, where Piquadro took in €12.4 million, with a 38.3% increase year-on-year. In the wider European market, the group achieved €18.9 million in sales, 58.9% of the total, increasing by 59.7% year-on-year. Meanwhile, in the rest of the world, Piquadro took in €0.7 million, 2.4% of its total sales for the period.

Marco Palmieri, President and CEO of the Piquadro Group, said: "The growth in turnover affected all channels, in particular DOS and wholesale, reflecting the renewed desire to shop in stores again.

“Despite the uncertainty of the general economic situation, we therefore look to the coming months with confidence and continue to invest to enhance the distinct and defined identities that make the three brands absolutely unique.”