On a year-on-year basis, the decrease in turnover in the first quarter of 2024 is 6.38%. But compared to the November-January 2023 period, there is a 5% growth. This is why Pasubio Leather, Vicenza-based tanning group with a particular focus on automotive leather, is pleased with “the resilience of the group despite the reduction of demand in the European luxury segment”.
Pasubio Leather’s First Quarter
Net sales in the first quarter equaled 88 million euros, down from the 94 million in the same period in 2023. The market situation is not flourishing, so the Vicenza-based group is celebrating its ability to hold the bar. The LTM (last twelve months) balance is 346 million euros, slightly down (-2%) compared to the previous year. Pasubio Leather’s turnover is 92% made in the automotive segment (65% seats, 23% interiors and 4% steering wheels) and the remaining 8% is from other uses (primarily furniture). Customer distribution is predominantly European (89%).
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