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E-commerce saves Tod’s while the group reports a drop of 9 millions in sales

E-commerce saves Tod’s while the group reports a drop of 9 millions in sales

Tod's

Due to the Covid-19 pandemic, the figures unveiled by the Tod’s company have continued to show a sharp decline in activity over the last nine months. However, the e-commerce branch seems to represent a way out of the crisis for the italian group.

 

The Tod’s Group recently announced that its revenue fell 33.2% to 452.6 million euros, compared to 677.7 million euros at the same time in 2019. Sales for the last quarter also fell 12.3% to 195.7 million euros. Regardless of the global pandemic, these numbers would be the result of slight downward fluctuations in the change rate.

 

Nonetheless, Diego Della Valle – the president and CEO of the Tod’s Group – insisted on the upward trend in his company’s numbers since October. The reasons for this improvement would be related to the company’s winter collections which “receive excellent feedback from local customers around the world” according to the executive. Diego Della Valle, however, qualified his remarks, recalling that “in the Western world the results of stores are negatively affected by the absence of tourists and, in recent weeks, they have been further impacted by the new closures imposed to contain the second pandemic wave.”

 

Another cause of the good results in October is also to be found in e-commerce, which “has recorded a gradual acceleration and a steady increase over the last nine months. This is a priority channel for us, in which we continue to invest heavily; we are expanding the customer base, also through new communication technologies.”

 

In view of the benefits brought by the e-commerce sector, Diego Della Valle thus concluded being “convinced that after these difficult times, the company would be able to obtain very good performances, thanks to the strength of its brand, the excellent quality of its products, the skills of its management teams and the strength of its capital.”

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Read also > BRITAIN’S BURBERRY RECOUPS SALES GROWTH IN OCTOBER DESPITE CLOSED STORES

 

Featured photo: © Tod’s

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