Tod

The luxury footwear industry is getting cold. The Tod's group's performance is in the doldrums. Even its Roger Vivier, known as "square shoe", is losing its aura.

After a year of pformation and innovation, Italy luxury group Tod's still failed to produce satisfactory answers in 2018.

In the 12 months ended December 31st, Tod's Group sales fell 2.4% to 944 million euros compared with the same period last year, which has been the third consecutive decline in the group, which is mainly affected by the revenue reduction of wholesale channels, core shoe business and leather goods sector.

As the group's core business, Tod's brand sales fell 3.3% to 498 million euros, down 11 consecutive quarters.

By category:

Tod's group footwear sales fell 1.9% to 743 million euros, a fixed exchange rate of about 758 million euros in the previous year.

Sales of leather goods and accessories Department fell 5.3% to 128 million euros, reducing 3% to 131 million euros at fixed exchange rates.

Sector sales fell by 2% to 67 million 300 thousand euros, down 1.7% to 67 million 500 thousand euros at fixed exchange rates.

By Region:

Tod's group's sales in Italy, the local market, fell 5.4% to 282 million euros.

In Europe, except Italy, sales fell by 0.5% to 244 million euros.

Sales in the Americas fell 6.5% to 73 million euros.

Tod's group is also facing challenges in the most potential luxury market, Greater China, with sales reduced by 0.9% to 210 million euros.

Sales in other parts of the world increased by 0.9% to 131 million euros.

It is noteworthy that the performance of Roger Vivier has been on the decline. Sales declined from 173 million to 3.2% in the first three quarters of last year, which means that the brand has declined for four consecutive quarters.

Although the Group Chairman and chief executive officer Diego Della Valle said in the earnings report that the strategy of launching new products was launched monthly, the first batch of Tod's Factory products had already achieved the expected results after entering the market, and stressed that the continuous decline of Roger Vivier's revenue last year was mainly affected by the decrease of European tourists.

But judging from the recent performance of Tod's and Roger Vivier, Diego Della Valle seems to be more like a self comforting argument.

Whether it is revenue performance or contribution to the group's total turnover, Tod's and Roger Vivier, the two synergistic brands, are now losing their growth momentum.

Investors believe that the Tod's group's sluggish performance is enough to explain everything. Since last year, the group has repeatedly heard the news that it will be sold.

Tod's group has owned Roger Vivier's production and distribution franchise since 2003, and the brand usage cost is about 12% of the wholesale sales. Roger Vivier has been a strong driving force for the group's performance. Its annual revenue growth has been as high as 52%, which has attracted wide attention from the industry.

In 2015, Tod's group bought all Roger Vivier shares from Gousson Consultadoria e Marketing S.r.l at no cost of 415 million euros.

Some people pointed out that Tod's group's acquisition of Roger Vivier ownership reflected from the side that the group had foreseen that Tod's would encounter a bottleneck period at that time, so Roger Vivier was the "performance straw" that they had to keep at all costs.

According to the fashion headline data, the Tod's brand has slowed down since 2015, and then began to decline in 2016. By the end of 2017, the sales growth of Roger Vivier has been stable at a double-digit level.

Roger Vivier is known as the shoe lining Faberg Ye. He was born in 1907, and he had a strong interest in shoes since he was 17 years old. In 1930, Roger Vivier met with actors such as Moulin Rouge, Mistinguette and Jos phine Baker, and made the first pair of shoes for them. At the age of 30, he opened his first shoe boutique in Paris, and formally launched a fashion career.

In 1945, Roger Vivier became the first designer to apply pparent plastics to shoes.

In 1953, Roger Vivier, which has been in line for 16 years, has seen an important turning point in its career.

First, Queen Elizabeth S invited Roger Vivier to design shoes for coronation. In the same year, French luxury brand Christian Dior began to produce shoes and appointed Roger Vivier as the first shoe designer.

In 1954, Roger Vivier designed Aiguille high-heeled shoes and Virgule heels and so on.

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10 years later, Roger Vivier, which has already accumulated a certain reputation in the industry, opened its first fashion shop in Francois I Street, Paris in 1963, and launched the series of comma high-heeled shoes. At the same time, it continued to work for brands such as Balmain, Patou, Nina Ricci and Yves Saint Laurent.

In 1965, the most classic B of Roger Vivier

Vivier square shoes are available.

In 1998, Roger Vivier died at the age of 91.

In the next two years, Roger Vivier fell into a quiet period of nearly 6 years. It was not until 2003 when it signed a licensing agreement with Tod's group that it returned to the market and appointed.

Uno Frisoni is the creative director.

Some people in the industry pointed out that after Roger Vivier left, Bruno Frisoni

Brand new vitality.

Bruno Frisoni has said in an interview that although he and Roger Vivier himself do not know each other, they have a lot in common. They all have high enthusiasm for things such as fashion, shoes and shoes that can make people more beautiful. They like to tell stories through shoes. In his eyes, every pair of shoes designed by Roger Vivier is like "a poem, a piece of art."

Prior to joining the Roger Vivier, Bruno Frisoni has been responsible for many years of design work in Jean Louis Scherrer, Lanvin, Christian Lacroix, Yves Christian and other luxury brands, and subsequently created its own shoes brand with rich experience.

The Bruno Frisoni, who took over the power of Roger Vivier, chose to innovate on the basis of preserving the classic style. Compared with the design of the last century, the square silver buttons and special heels of the brand hardly changed much.

In addition to ordinary shoes, Roger Vivier has also launched a series of advanced customization under the guidance of Bruno Frisoni.

With the return of style in 60s, Roger Vivier again caught the trend of the ride.

Twiggy, Ines de la Fressange such a neutral style shows the fashion icon of the people to become the designer's inspiration source. The classic style just caters to the demand of the white-collar in the workplace. Roger Vivier has almost become the most common commuter shoes at that time, and is also the first choice for the consumer's wedding shoes.

As a "rigid demand", it guaranteed the sales volume of Roger Vivier to a certain extent.

In addition, the "KOL" products at home and abroad have swept the Chinese social network rapidly.

In 2005, Roger Vivier opened its first store in Hongkong and officially entered the Greater China market. Currently, there are 18 stores in mainland China.

It is undeniable that Roger Vivier did win more breathing time for Tod's group, but Tod's has not been able to get out of the mire so far, and Roger Vivier has begun to lose its market. Earlier, some people in the industry said that Roger Vivier is one of the few brands that can follow the classic brand elements for a century. However, in the face of the luxury shoe industry with lack of innovation and overproduction, it is obvious that the "invariable change" approach can not satisfy the younger generation's pursuit of freshness.

Beth Goldstein, an analyst at NPD, a market research firm, said that the increasingly busy urban life requires women to keep moving. Sports shoes have replaced high heeled shoes as the first choice for women to buy shoes in recent years, and sales of shoes with the height of 3 inches or higher are the fastest.

Market research firm Edited data corroborated her view. In 2017, the stock of high-heeled shoes increased by 28% in the United States, and widespread unsalable sales were widespread.

In contrast, the growth trend of sports shoes will continue to be in two digits. In the view of Beth Goldstein, the rapid growth of sports shoes is closely related to this category becoming a lifestyle choice.

According to the analysis, sales of footwear in the United States surged from 365.34% to 16 billion 100 million dollars between 2010 and 2018. This figure will increase to 20 billion 190 million US dollars in 2021, while the sales of leather shoes and other footwear will continue to decline.

This is undoubtedly a heavy blow to Roger Vivier, which is the main product of high heels and single shoes.

In the face of increasingly fierce market competition, Bruno Frisoni, which has joined the Roger Vivier for 16 years, suddenly announced its resignation in February last year. It was replaced by Gherardo Felloni, the designer of the shoe making family in Italy.

In response, Bruno Frisoni responded by saying, "change is good, and 16 years is a long time."

Like Roger Vivier, the famous way of Gherardo Felloni started from the Dior fashion house, and was responsible for the brand shoes design when it was the creative director of John Galliano and Raf Simons. After returning to Miu in 2014, she became the design director of shoes, leather goods and jewelry, and had worked for brands such as "Hou", "Wei" and "Qi".

Most of the works of Gherardo Felloni are mainly gorgeous styles, and shoes designed for Miu Miu are loved by consumers.

Like Roger Vivier herself, Gherardo Felloni prefers to use stones, feathers, snake skin, silk and satin for his design works to show luxury.

After taking office, Gherardo Felloni said it would add more modernity to the brand on the basis of respecting the classics and traditions created by Roger Vivier.

He revealed that joining Roger Vivier was a dream after his entry into the industry. Roger Vivier had a profound influence on the French footwear industry from 40 to 50s.

The first series after the entry of Gherardo Felloni is the Roger Vivier 2019 spring summer series, which is divided into 5 different units. It shows different life styles of women in different styles.

Based on classic elements such as Belle Vivier, Virgule heel and so on, the series integrates luxurious elements such as feathers, jewelry, silks and leopard patterns. At the same time, it also introduces Viv'v Run sports shoes and a series of handbags accessories featuring square buckle.

Out of the love of song and dance drama, Gherardo Felloni arranged the conference room of Roger Vivier 2019 spring and summer series as a hotel called "Hotel Vivier", displaying products of different themes in 5 rooms, and touring exhibitions in New York, Tokyo and Hongkong. "Fashion can not be predicted, you must let people feel that you exist all over the world," Gherardo Felloni added.

When it comes to the problem that Roger Vivier is a French brand but is led by Italians, Gherardo Felloni believes that this will not affect the brand's own genes. Although he and Diego Della Valle are all Italians, everything else is done in Paris except for the production of products in Italy.

It is reported that the market reaction of Gherardo Felloni's first series of products after Roger Vivier has exceeded expectations.

Last October 25th, Roger Vivier announced that China's female star Tang Yan was the spokesperson of the brand China. He also provided Tang Yan's wedding shoes with the latest product advertisements.

However, judging from the latest performance data, Gherardo Felloni and Roger Vivier still need to undergo a period of running in.

Tod's group is grateful that the Hogan, the two largest brand, has been restored to 1.1% to 206 million euros last year after some rectification.

At the end of 2017, the brand updated its Chinese name of WeChat public number to Haug and joined Tmall in opening flagship store with Tod's. WeChat also opened WeChat small program store last year, aiming to find new growth opportunities in China.

Diego Della Valle admitted that the management team of the group was ready to face a painful period of pformation and put all the resources and financial resources necessary to grasp the important opportunities in the market, so as to achieve stable and long-term development. Investors and analysts should focus their attention on the long-term development of Tod's group instead of single quarter or one year's performance.

What it means is that Gucci's parent company, Kai Yun group, may have seen the risk of a single shoe brand market. It has been looking for buyers for its sole shoe brand Sergio Rossi since 2010. It was finally sold in December in 2015, and it was Investindustrial of Italy investment company.

Coincidentally, the Italy luxury group Salvatore Ferragamo, which is also dominated by shoe products, has been sold for three degrees due to its low performance.

Mergermarket reported in a report that Salvatore Ferragamo had approached private equity funds because of its sluggish performance and plans to seek sale or delisting.

Although the group spokesman denied the news immediately, the swing of the brand is now the consensus of the industry.

Vivarte, a French fashion group with its 100 year old shoe brand Andr ye, has been losing money in recent years because of the sluggish fashion retailing market. Over the past year, 4 brands have been sold and liabilities are as high as 1 billion 500 million euros.

The brand name of the same name was founded by Jimmy Choo co-founder Tamara Mellon in November 2013. Its luxurious costumes and accessories also went bankrupt at the end of 2015.

In January 2015, due to the failure to complete the independent expansion, the luxury shoes brand Stuart Weitzman was purchased by Coach parent Tapestry group for 600 million US dollars.

In addition, the footwear brand Christian Louboutin and Giuseppe Zanotti have been weakening in the market in recent years.

Some analysts have pointed out that the luxury shoe brand relies heavily on classic styles and single product structure, and the industry trend is changing rapidly. The slow updating of products can lead consumers to lose their freshness.

Behind the bad performance of luxury shoe brands is the changing trend of the industry. Now they prefer to focus on accessories with more potential for growth.

More and more smart consumers also feel that handbags are more worthy of investment than shoes.