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The Italy based luxury Group has announced it will review its sales strategy in response to consumers’ demand and in anticipation of another year of uncertainty in the luxury sector.
As Tod’s celebrated the first restauration stage of the Rome’s Colosseum, Diego Della Valle, owner and Chief Executive, Tod’s, said the Group needs to rethink its sales strategy to launch new collections every one or two months, instead of every six months.
The Groups strategy follows rivals such as Burberry and Gucci to offer one-off, online-only, capsule collections, as well as instant catwalk sales available to buy online, in line with customers’ expectations.
Della Valle said he expects the €250 billion luxury sector to experience “another year of uncertainty” but that Tod’s brands, which include Roger Vivier, Fay and Hogan, should show positive growth by the end of 2016.
Leather goods represent 93% of Tod’s revenues. Like-for-like sales dropped 12%, with overall sales falling 3% to €250 million in the first quarter of 2016.
Global management consulting Bain & Company has predicted the luxury industry will grow just 1% in 2016 as sales to Chinese consumers fall, and slower global tourist flows are expected due to geopolitical tensions and economic pessimism.
Pushed by cultural changes led by young consumers, businesses are increasingly adopting more ethical and sustainable practices. Under the Colosseum Donation scheme, Tod’s has funded the restoration of 31 arches, and 110,000 square feet of Travertine marble returned to a creamy white.
The Ferragamo family has donated around €1 million to the Uffizi Gallery in Florence and the Zegna family participated in a massive clean-up of the Cinque Terre on the Italian Riviera. Italian fashion brand, Brunello Cucinelli, donated €1 million towards the restoration of an Etruscan arch in Perugia.
“There is a real cultural change,” said Della Valle. “The real message here is: it is time to ask everyone in the business world to give a hand. It is not only about practical help but an overall help for the credibility of the country,” he added.