Sales Rose Nearly 12 Percent, Driving Further Anticipation for the Company’s Delisting and L Catterton Partnership
Tod’s Group chairman and chief executive officer Diego Della Valle celebrated the company’s robust performance, revealing that profits had more than doubled and sales had surged nearly 12 percent in the past year. He emphasized the success of their strategy, aiming to produce “increasingly special, of great quality and very desirable” products.
Della Valle outlined their commitment to consolidating individual brands in the coming years, citing the strategic importance of partnering with L Catterton investment firm and delisting from the stock exchange. He noted the excellent relations with the stock exchange but stressed the necessity of the move for their future plans.
When questioned about the delisting during an analyst call, chief financial officer Emilio Macellari’s absence hindered detailed responses. Tod’s Group investor relations manager Cinzia Oglio clarified that due to the tender offer, she was restricted in her comments.
Oglio assured analysts that L Catterton had submitted the draft in accordance with Italian law, awaiting approval from Consob by the end of the month.
The group reported robust performance in 2023, with net profit reaching 50 million euros, up from 23.1 million euros the previous year, driven by a revenue increase of 11.9 percent to 1.12 billion euros.
Della Valle expressed satisfaction with the results and attributed their success to committed employees and collaborators, highlighting their dedication to sustainability and employee well-being.
Regarding current trading, Oglio noted a softer January, partly due to the timing of the Chinese New Year, but February showed significant improvement globally except in Greater China.
Sales of Tod’s brand rose by 10.4 percent, Roger Vivier by 16.5 percent, Hogan by 9.3 percent, and Fay by 13.2 percent in 2023.
Sales by geography saw growth across regions, with particularly strong performance in Greater China, despite some volatility in individual quarters.
The retail channel represented approximately 75 percent of turnover, with double-digit growth, while e-commerce sales continued to increase, accounting for over 9 percent of sales.
The group’s investment in digital platforms and store network expansion contributed to their growth strategy. Fixed asset investments focused on store network expansion and corporate structure modernization.
As of December 31, net debt amounted to 89.7 million euros, reflecting investment activities during the fiscal year.
