Lower revenues from Greater China impacts Tod’s Q1

Tod’s turnover reached 252.3 million euros, down 6.7 percent in the first quarter with the strong impact of currencies and China weakness weighing on the results.

The company said in a statement that Tod’s and Roger Vivier were visibly affected by the weakness of the Chinese market. However, all brands performed well in the European and American markets.

Commenting on the interim trading update, Tod’s chairman and CEO Diego Della Valle, said: “With the success of the tender offer, the Tod’s group is exiting the stock exchange. We made this choice to develop the full potential of our individual brands, making all the necessary investments in a timeline we deem most suitable.”

The group recorded good results in the domestic Italian market and Europe, driven by local demand and the important contribution of tourist purchases. The US market performed very well, which also benefited from the increased number of points of sales in department stores.

On the other hand, the performance in the Greater China market was negative, impacted by the sharp drop in store traffic and weak consumption, as well as a particularly challenging comparison base. The rest of the world area was also weak, despite good results from Japan and the Middle East.

As of March 31, 2024, the group’s distribution network consisted of 349 DOS and 104 franchised stores.