Italian style maintains its appeal
In spite of the rumours of VAT fraud and money laundering in the Italian leather industry, it appears that high-end Italian leather goods and footwear have lost none of their consumer appeal as the results from two of the best known brands — Tod’s and Aeffe — prove.
For the first nine months footwear, leathergoods and apparel company Tod’s S.p.A, whose brands include Tod’s, Hogan, Fay and Roger Vivier, reported overall sales of €499.9 million, up 14.1% year-on-year at constant exchange rates. Tod’s posted a 6.8% rise, Hogan sales improved 23.5%, Fay increased 12.6% whilst Roger Vivier posted an impressive 155% rise in sales for the first three quarters. In terms of product groups, the company saw a 5.3% rise in the sales of leathergoods and accessories, a 13.3% improvement in apparel and a 17.4% increase in footwear sales, boosted by strong growth in all geographical regions.
This improvement was mirrored at Aeffe, whose brands include Alberta Ferretti, Moschino, and Pollini, which posted a 14% rise in consolidated revenue at constant exchange rates from €211.3 million to €234 million in the first nine months. According to the company this growth was boosted by both of its divisions — prêt-à-porter, and footwear and leather goods — the latter of which reported a 19.2% increase in revenue at €58.7 million, boosted in particular by extremely strong growth (+66.5%) in the Russian market.
