The Italian luxury group reported a net loss of 80.6 million euros in the first six months of the year.
MILAN — The Tod’s Group is eyeing 2021, relying on a loyal customer base and the fundamentals of its brands, focusing on the development of its digital tools to overcome the effects of the COVID-19 pandemic.
Chairman and chief executive officer Diego Della Valle addressed a world that “has completely and drastically changed” in the wake of the pandemic, after a positive start to the year, noting that the second quarter was worse than the first, given the closure of almost all of the group’s stores for most of the period.
Della Valle expressed his confidence in the group’s “features and tools necessary to overcome this exceptional crisis and return to growth, thanks above all to the great respect that our loyal customers have for our brands and for the excellent quality of the products and thanks to the solid financial structure, which we are used to having.
The worst moment of the pandemic happened in the second quarter as, for the entire month of April and the first half of May, 53 percent of the group’s stores were closed, Macellari observed. By geographic market, Italy was down 47.6 percent to 65.6 million euros. Sales in Europe totaled 61.2 million euros, down 46.9 percent. Revenues in the Americas were down 52.8 percent to 16.1 million euros. Sales in Greater China totaled 74.3 million euros, down 33.4 percent, and sales in the Rest of the World fell 42 percent to 39.7 million euros.
Macellari echoed this, adding that the group had granted delayed payments as a “sign of proximity and fair cooperation.”
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