China and the online channel encourage Tod’s. The group led by Diego and Andrea Della Valle closed it’s first semester with sales down by 43.5%. But “we are already looking toward 2021, as per our medium-term strategic plan”, said the group’s CEO, Diego Della Valle.
During the first 6 months of 2020 the consolidated revenue of Tod’s Group reached 256.9 million euro (-43.5% compared to the 1st semester of 2019 and -43.6% at constant rates). The data is in line with analysts’ expectations, who, according to Refinitiv, cited by Reuters, expected about 255 million. In the 2nd quarter alone, revenue decreased by 56.3%. Focusing on brands, at constant rates, Tod’s lost 46,3% of its revenue, Roger Vivier -39,3%, Hogan -42% and Fay -42,4%. Overall footwear sales dropped by 42.5%, leather goods and accessories -52.1% and clothing -38.2%. the net loss was of 80.6 million euro, compared to the loss of 5.7 million for the first semester of 2019.
China and the online channel encourage Tod’s
“We are seeing encouraging signs of recovery throughout the last few weeks. Specifically, in China, where we are growing at a double-digit rate. Europe and the Americas remain weak, as they are heavily penalized by the lack of tourists”, commented Diego Della Valle. “We are even more focused on our e-commerce channel, as it’s showing very solid growth and allowing us to reach many new clients”. Della Valle’s vision is dynamic: “We are already looking toward 2021, following our medium-term strategic plan. We will maintain a rigid policy of cost control and increase efficiency, which has been helping us so far. Beside from that, we strongly believe that our group has all the necessary tools and characteristics to surpass this heavy crisis and go back to growing”.