The push from the e-commerce channel is clear. Thanks to that, Piquadro is returning to pre-pandemic levels, while Mulberry is already generating profits. Both leather goods brands are benefitting from a (strong) digital input. The Italian group has increased revenue by 79% during the April-June period (with Lancel recording a +120%). The British brand, meanwhile, have pushed e-commerce to generate half the revenue.
Piquadro announced that revenue during the 1st fiscal quarter (April – June) amounts to 21.8 million euro, or +78.6% compared to the same period of 2020. As far as brands go, Piquadro recorded a growth of 63.8%, The Bridge by 130,8% and Lancel +77,6%. “We are convinced that, in a context that is generally improving, a recovery of consumption should bring us back to pre-pandemic levels in a few months”, said Marco Palmieri, president and CEO of the group.
Mulberry published preliminary data for the year that closed on March 27th. Even if revenue was down, the company was satisfied with the earnings before taxes: 5.9 million UK pounds. The year before, the loss amounted to 14.2 million. Revenue decreased by 23% to 115 million, but digital sales (worth half of the brand’s revenue), increased by 55%. Revenue increased by 45% from the start of the year (April 2021), with retail sales in China up by 46%. The company highlighted its effort on sustainability included in the Manifesto Made To Last. Mulberry aims at producing 50% of its handbags in the UK, as well as going from 82% to 100% of the leather used from tanneries with green certifications.