Finance
China mainland’s anti-corruption campaign has taken its toll on Italian luxurious footwear model Tod’s’ Hong Kong gross sales.
So, too, the altering demographic of mainland vacationers, which rival trend manufacturers have additionally blamed for softening gross sales.
Tod’s says mixed China gross sales fell 15 per cent noting buyer visitors in its shops, and spending, skilled a “giant lower” within the quarter.
Larger China gross sales accounted for 20.1 per cent of the corporate’s complete international turnover of euro 257.7 million, up one per cent on the identical quarter in 2014. China gross sales have been thus euro 53.9 million.
Gross sales in Italy accounted for 34.eight per cent of its complete gross sales.
Tod’s additionally famous in its report that rents are “too excessive” in Hong Kong.
The group has 79 of its personal outlets in higher China, together with 67 within the mainland, 11 in Hong Kong and one in Macau. It has one other 25 franchised shops throughout the area.
This yr the corporate expects to open new shops in Chongqing and Zhengzhou underneath its personal possession and one other, franchised, outlet in Sanya.
