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Diego Della Valle, Chairman and CEO, Tod’s, said the results for the first half of the year ending June 30, validate the Group’s new strategy.
In the first half of 2018, the Group’s consolidated sales totalled €491.9 million, up +1.8% year-on-year at constant exchange rates. In the first quarter, sales were reported to have been greatly affected by currencies fluctuations, mainly for the Tod’s and Roger Vivier brands, which have the highest presence abroad. At reported rates, revenues totalled €476.9 million.
At constant exchange rates, Tod’s brand sales totalled €265.5 million (+0.1%) in the first six months of 2018, broadly aligned with the same quarter in 2017. The brand is said to have recorded positive results in its retail network in the second quarter of the year, offsetting the weakness of the wholesale channel. Hogan revenues were €106.2 million at constant rates in the period (+7.5%), with Europe and China recording double-digit growth. Sales of Roger Vivier totalled €95 million at constant rates (+2.6%), in line with expectations according to the Group. Sales of Fay were €24.8 million, down -4.6% at constant rates, attributed to the weakness of the domestic market.
Overall, revenues from the shoes segment were €395.6 million at constant exchange rates, up +2.4%, while sales of leather goods and accessories totalled €68.4 million at constant rates, registering a positive performance in the second quarter of the year.
“These results are a first validation that the strategy announced during the last Inventor Day, is beginning to work. At constant exchange rates, both Tod’s and Roger Vivier’s revenues have returned to growth”, said Della Valle. “The new management team we have chosen to develop our new business model is already partially in place and will be completed soon”, he added referring to the Group’s capsule collections to be developed with an array of different designers as part of the ‘T Factory project’. The Group has also confirmed it collaboration with Italiantouch, aimed accelerating the implementation of the omni-channel distribution and strengthening the e-commerce’s growth.