Tod's SpA, an Italian manufacturer of luxury shoes and other leather goods, has announced its full year financial results for FY20 ended on December 31, 2020. Sales during the year plunged 30.4 per cent to €637.1 million compared to sales of €916.0 million in the previous fiscal. The company incurred a net loss of €73.1 million (FY19: profit €45.6 million) in FY20.
Tod's SpA, an Italian manufacturer of luxury shoes and other leather goods, has announced its full year financial results for FY20 ended on December 31, 2020. Sales during the year plunged 30.4 per cent to €637.1 million compared to sales of €916.0 million in the previous fiscal. Company incurred a net loss of €73.1 million (FY19: profit €45.6 million).#
“The 2020 results were deeply influenced by the pandemic, which particularly hit the luxury goods industry, causing long periods of shop closures in different areas of the world and the almost total disappearance of purchases linked to tourist flows,” Diego Della Valle, chairman and CEO of Tod’s Group, said in a press release.
Tod's SpA, an Italian manufacturer of luxury shoes and other leather goods, has announced its full year financial results for FY20 ended on December 31, 2020. Sales during the year plunged 30.4 per cent to €637.1 million compared to sales of €916.0 million in the previous fiscal. Company incurred a net loss of €73.1 million (FY19: profit €45.6 million).#
“We are very happy with the results obtained with the e-commerce channel, which recorded a gradual acceleration during the year, reaching and exceeding our expectations and which is still continuing to grow at a very high rate,” Valle added.
Tod's SpA, an Italian manufacturer of luxury shoes and other leather goods, has announced its full year financial results for FY20 ended on December 31, 2020. Sales during the year plunged 30.4 per cent to €637.1 million compared to sales of €916.0 million in the previous fiscal. Company incurred a net loss of €73.1 million (FY19: profit €45.6 million).#
Sales of Tod’s brand for FY20 fell 35.6 per cent to €297.5 million (€461.8 million), while sales of Roger Vivier decreased 20.2 per cent to €160.0 million (€200.5 million). Hogan brand sales slipped 28.0 per cent to €141.5 million (€196.5 million) and Fay sales were down 33.2 per cent to €37.6 million (€56.3 million).
Tod's SpA, an Italian manufacturer of luxury shoes and other leather goods, has announced its full year financial results for FY20 ended on December 31, 2020. Sales during the year plunged 30.4 per cent to €637.1 million compared to sales of €916.0 million in the previous fiscal. Company incurred a net loss of €73.1 million (FY19: profit €45.6 million).#
Categorically, sales of shoes decreased 29.0 to €211.8 million (€367.8 million) during the reported year. Whereas, leather goods and accessories sales dropped 39.7 per cent to €73.4 million (€121.7 million) and apparel sales dipped 29.4 per cent to €44.3 million (€62.7 million).
Tod's SpA, an Italian manufacturer of luxury shoes and other leather goods, has announced its full year financial results for FY20 ended on December 31, 2020. Sales during the year plunged 30.4 per cent to €637.1 million compared to sales of €916.0 million in the previous fiscal. Company incurred a net loss of €73.1 million (FY19: profit €45.6 million).#
Tod’s sales decreased in all the regions during FY20: Italy by 37.2 per cent to €163.7 million (€260.6 million); Europe (excluding Italy) by 37.1 per cent to €149.5 million (€237.6 million); Americas by 48.2 per cent to €36.6 million (€70.6 million); Greater China by 8.7 per cent to €196.5 million (€215.1 million); and Rest of World by 31.3 per cent to €90.8 million (€132.1 million).
“We look positively at the current year, also strengthened by the excellent comments received from the new collections, although we must not forget the persistent context of great uncertainty, caused by the unknown Covid-19, still very present in many parts of the world,” Valle said in the release.
Fibre2Fashion News Desk (JL)
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