The luxury crisis has not spared Tod’s, which announces: “To improve the group’s accounts, there is only one strategy: focusing on the quality of the leather.” The group, led by the Della Valle family, closed the first half of 2016 with revenues down 3.4% to €497.6 million. At constant exchange rates (€493.2 million) the drop would have been even more pronounced (-4.3%). Dramatic decline in net profit (-26%): from €50.38 to €37.4 million (7.5% of revenues). In detail, the Tod’s brand generates revenues of €282.5 million (-7.2%), Hogan €106.1 (-2.5%), Roger Vivier €83.4 (+6.2%) and Fay €24.9 (+8.8%). “Revenues impacted by a volatile and uncertain industry and market context,” commented the President and CEO of Tod’s, Diego Della Valle, announcing the opening of a few selected stores to give priority to the development of the organic growth of the network. “Our strategy will be to focus more and more on the world of high-quality accessories, footwear, bags and small leather goods first and foremost, increasingly emphasising the values that have made our brands famous: craftsmanship, the Italian lifestyle and significant innovation,” concluded Della Valle. (mv)
Tod’s slips in the first half of the year: “We’re starting out again from the quality of the leather”
