“Uncertainty” dents sales at Tod’s
25/07/2016
“First half 2016 sales figures reflect an industry and market environment still characterized by instability and uncertainty,” said Diego Della Valle, Tod’s chairman and CEO.
He added that the company would invest in “more innovative products” to ensure future growth. It will also develop its “marketing and communication strategy” across all channels.
Sales of the Tod’s brand dropped 7.2% to $316.4 million. This was due to a fall in tourist spending in Europe, according to the company. Revenue from leathergoods and accessories decreased 10.7% to $77.6 million, which the company said “reflects the negative trend of a part of the Tod’s collection”.
Sales dropped in all regions, including Italy (-2.7%) and the rest of Europe (-1.7%), where France and the UK performed most poorly. Greater China suffered the greatest drop in sales, decreasing 9.5% to $120 million. Sales in Mainland China, which represent more than half of this region, were described as “slightly negative” by Tod’s.
Share this story:
