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The Italian luxury brand is seeing signs of recovery in China after a difficult first half due to the Covid-19 pandemic.
Indeed, the impact of the Covid-19 pandemic affected the results of the Italian luxury group during the first half of the year.
The Italian luxury group Tod’s announced Tuesday a net loss of 80.6 million Euros for the first six months of the year, compared to a loss of 5.7 million Euros for the same period last year.
In addition, in the first half of this year, sales fell by 43.5% to 256.9 million Euros, compared to 454.6 million Euros in 2019 due to the lockdown imposed virtually everywhere in the world.
Second quarter sales were 104.1 million Euros, a decrease of 56.3% compared with the same period last year.
However, the Group is seeing signs of recovery in China, which encourages it to look ahead to 2021 based on a loyal customer base and the fundamentals of its brands.
In addition, it is focusing on the development of its digital tools to overcome the effects of the Covid-19 pandemic.
President and CEO Diego Della Valle addressed a world that “has completely and radically changed” as a result of the pandemic, after a positive start to the year.
He noted that the second quarter was worse than the first, given the closure of almost all the group’s stores for most of the period.
“We have adopted a policy of strong prudence and decided to limit product deliveries in both sales channels to reduce the risk of unsold inventory,” said Della Valle. “We have focused even more on the e-commerce channel, which is developing very well, giving us excellent results and allowing us to reach many new customers as well“.
Read also > TOD’S SALES DROPPED NEARLY 30% IN THE FIRST QUARTER
TOD’S: DIEGO DELLA VALLE PLAYS IT SAFE AFTER MONTHS OF UNCERTAINTIES
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The Italian luxury brand is seeing signs of recovery in China after a difficult first half due to the Covid-19 pandemic.
Indeed, the impact of the Covid-19 pandemic affected the results of the Italian luxury group during the first half of the year.
The Italian luxury group Tod’s announced Tuesday a net loss of 80.6 million Euros for the first six months of the year, compared to a loss of 5.7 million Euros for the same period last year.
In addition, in the first half of this year, sales fell by 43.5% to 256.9 million Euros, compared to 454.6 million Euros in 2019 due to the lockdown imposed virtually everywhere in the world.
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The Italian luxury brand is seeing signs of recovery in China after a difficult first half due to the Covid-19 pandemic.
Indeed, the impact of the Covid-19 pandemic affected the results of the Italian luxury group during the first half of the year.
The Italian luxury group Tod’s announced Tuesday a net loss of 80.6 million Euros for the first six months of the year, compared to a loss of 5.7 million Euros for the same period last year.
In addition, in the first half of this year, sales fell by 43.5% to 256.9 million Euros, compared to 454.6 million Euros in 2019 due to the lockdown imposed virtually everywhere in the world.
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