Greater China helps ease Tod’s Group European challenge
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Luxury fashion retailer Tod’s says Greater China sales rose 3.2 per cent last year, to reach €218.7 million. Releasing annual sales results, the Italian-based company said Greater China sales growth accelerated during the fourth quarter, especially on the mainland which now accounts for 60 per cent of its Asian turnover. Hong Kong and Macau also performed well, although the company did not disclose detailed figures for the two territories.
Tod’s consolidated global sales reach €958.2 million at constant exchange rates, which was essentially the same as for 2017. Tod’s and Roger Vivier were affected by currency fluctuations.
Retail sales reached €622.3 million, with wholesale revenue comprising the rest. However same-store sales fell by 3 per cent, due to declines across Europe which erased the China growth. In Italy, consumers were spooked by political and economic uncertainties and greater Europe by lower sales to tourists.
“Last year’s sales results were substantially in line with our expectations, despite the growing international economic and political uncertainties,” said chairman and CEO Diego Della Valle.
By label, Hogan sales rose 1.8 per cent, Tod’s and Roger Vivier held steady and Fay slipped 3.4 per cent.
Questions & Answers
Q.How much did Tod's Group's overall global sales amount to last year?
How much did Tod's Group's overall global sales amount to last year?
Consolidated global sales for Tod's Group reached €958.2 million at constant exchange rates. This figure was essentially the same as the previous year, with currency fluctuations affecting Tod's and Roger Vivier brands.
Q.What proportion of its Asian turnover does mainland China account for?
What proportion of its Asian turnover does mainland China account for?
Mainland China now accounts for 60 per cent of Tod's Group's Asian turnover. Sales growth in Greater China accelerated during the fourth quarter, particularly on the mainland.
Q.Which regions experienced a decline in same-store sales last year?
Which regions experienced a decline in same-store sales last year?
Same-store sales fell by 3 per cent due to declines across Europe. In Italy, consumers were affected by political and economic uncertainties, while lower tourist sales impacted wider Europe.
Q.How did individual brands within the Tod's Group perform last year?
How did individual brands within the Tod's Group perform last year?
Hogan sales rose by 1.8 per cent, and both Tod's and Roger Vivier held steady. However, the Fay brand experienced a decline in sales, slipping by 3.4 per cent.