Italian luxury shoemaker Tod’s reported a net loss for the first half of the year on Wednesday as sales continued to slide, blaming higher investment in promoting its brands.
The group best known for its 450 euro ($501.84) per pair Gommino loafers has been struggling for several years to rejuvenate its brands in a crowded marketplace and boost sluggish sales.
Tod’s, which owns the Hogan, Fay and Roger Vivier brands, posted a loss of 6 million euros for the period, as group sales slid 4.7% to 454.6 million euros in the same period of 2018.
The wholesale channel weighed on sales, Tod’s said, while retail sales rose 6.5%. ($1 = 0.8906 euros)
Reporting by Isla Binnie, editing by Juliette Jabkhiro