The Tod’s Group reported a 22.6% year-on-year decline in the fourth quarter of 2020. However, the Italian fashion company managed to assert itself by focusing on the Chinese market and e-commerce.
In the fourth quarter, sales fell to €184.5 million, a figure that is nevertheless 1% higher than the consensus. Balance sheet: consolidated sales reached €637.2 million last year, down 30.4% compared with 2019, the Italian leather moccasin manufacturer said in a press release.
For the Italian luxury house Tod’s, hopes have turned to China this year. Indeed, the Middle Kingdom is showing strong growth and seems much less affected by the health situation than the rest of the world.
In Europe, the group fell back sharply following the loss of customers, particularly foreign tourists, even with the gradual reopening of stores. However, it still performed well in October, despite an average store opening rate of 98% in October, a rate that fell to 83% in November and 87% in December.
The board of directors is pleased with the e-commerce sales results: “We are pleased with the results achieved in the e-commerce channel, which has gradually accelerated during the year and achieved revenues that are in the highest range of our expectations,” says Diego Della Valle, CEO of the company.
The Italian company will also redouble its efforts to facilitate its transition to digital, which is essential in the context of the health crisis: “Our first objective is to consolidate our communication strategy, particularly the digital strategy,” the group said in a statement.
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Featured Photo : © Tod’s
