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    Tods Group Has Recorded A Loss For The First Time In 5 Years Or Is Forced To Sell It.

    2019/8/9 10:51:00 0

    Tods

    Tod's, which has repeatedly proposed new initiatives, is still in the throes of transformation.

    According to fashion business news, Italy luxury group Tod's fell 4.7% to 454 million 600 thousand euros in the first half of June 30th, down 1.3% from a year earlier, with a net loss of 6 million euros, the first time it has recorded a loss in the past 5 years. During the period, the group's core brand Tod's sales fell 9.7% to 231 million euros, a record decline in 13 consecutive quarters.

    The picture shows the main performance data of Tod's group in the first half fiscal year of 2019.

    By category:

    Tod's group footwear sales fell by 4.2% to 367 million 800 thousand euros, down 5.1% to 364 million 100 thousand euros on fixed exchange rates.

    Sales of leather goods and accessories Department fell 4.9% to 62 million 300 thousand euros, reducing 6.6% to 61 million 200 thousand euros at fixed exchange rates.

    Sales in the clothing sector decreased by 11.7% to 24 million 100 thousand euros, and fell 11.8% to 24 million 100 thousand euros at fixed exchange rates.

    The picture shows the main performance data of Tod's group in the first half fiscal year of 2019.

    By Region:

    Affected by the weakness of wholesale channels, Tod's group's sales in the local market dropped 9.6% to 125 million euros in Italy.

    Sales in Europe except Italy declined by 7.7% to 115 million 300 thousand euros.

    Sales in the Americas fell 7% to 34 million euros, mainly due to a sharp slowdown in local consumer demand for products.

    The Greater China has become the only growth market, with sales rising 2.3% to 111 million 600 thousand euros, of which the mainland is the fastest growing market in the region.

    Sales in other parts of the world recorded 68 million 500 thousand euros, which is basically the same as the same period last year.

    It is noteworthy that RogerVivier, once suspected of losing its former glory, continued to record up, and its sales rose by 11.6% to 43 million 900 thousand euros. It is the only brand that has recorded growth in the group.

    Sales of Fay brand fell by 12.84% to 21 million 500 thousand euros due to the weakness of wholesale channels, while Hogan sales fell 4.5% to 105 million euros.

    The picture shows the main performance data of Tod's group in the first half fiscal year of 2019.

    The picture shows Tod's group's sales channel performance data for the first half of fiscal year 2019.

    During the reporting period, Tod's group's revenue in retail outlets including direct outlets and e-commerce increased by 6.5% to 319 million 200 thousand euros, while wholesale channel sales fell 23.6% to 135 million 400 thousand euros. Up to now, Tod's group has 288 Direct stores and 114 franchise stores worldwide.

    With the brand aging and the loss of freshness of products, Tod's group's performance has gone from bad to worse. CEO DiegoDellaValle admitted in a conference call after the earnings report that the main reason for the decline was that the cost of the implementation of the transformation plan was higher than expected and the wholesale channel was weak, and stressed that more and more luxury luxury brands preferred to develop leather and footwear products, which led to the increasingly fierce competition.

    However, DiegoDellaValle said that the transformation of the group is still developing to the expected track while insisting on the high quality and craft of Italy. It only needs more time. "The real challenge for us now is how to attract young consumers, because the latter is the main consumer group of fashion and luxury brands."

    In order to keep the sense of freshness as far as possible, DiegoDellaValle announced a major decision in Milan fashion week last February. The Tod's brand will implement a new plan called "Tod'sFactory". It will invite different designers to cooperate, and will not follow the traditional cycle of new products every six months.

    DiegoDellaValle said that the whole team of Tod's is more like a fashion magazine than creative directors and managers. It will present the latest products to consumers every month or every two months. He emphasized earlier that the new business model would make the brand more flexible so as to make better and more efficient adjustments to the series of products.

    The latest Tod'sFactory project is Israeli designer AlberElbaz who has left Lanvin for nearly 4 years. His "HappyMoments" series with Tod's design team was officially launched in July.

    Whether the cooperation will have a positive impact on the sales of brands, UmbertoMacchidiCellere, the group's chief financial officer, concluded that it was too early to conclude, but the series has already received many positive feedback on social media, and stressed that cooperation with AlberElbaz is the most important item in the second quarter of Tod's.

    The picture shows the "HappyMoments" series launched by AlberElbaz and Tod's design team.

    In addition to developing Tod's brand, Tod's group has also made a series of major personnel changes to RogerVivier, another key brand, in order to reverse its declining performance. In July 23rd, the group announced the appointment of MiuMiu, former director of marketing MariaCritinaLomanto, to replace CamillaSchiavone as RogerVivier's new CEO. Some people have pointed out that MariaCritinaLomanto's taking office means that RogerVivier has entered a whole new chapter.

    It is noteworthy that in March last year, GherardoFelloni, who took over BrunoFrisoni as RogerVivier creative director, also came from MiuMiu.

    GherardoFelloni, who took office in 2018, reversed the declining trend of the brand performance. Tod's Group believes that the growth of RogerVivier sales has been highly recognized by the GherardoFelloni design series worldwide.

    For the group's performance in the second half of the fiscal year, UmbertoMacchidiCellere admits that the same store sales trend is broadly in line with the first half of the year. It is said that the group may have to start another year before seeing the effectiveness of the transformation plan.

    DiegoDellaValle further said that any short-term profit sacrifice would benefit the group and its brand in achieving medium and long-term profitability.

    According to statistics, the DellaValle family owns nearly 70% of the Tod's group and is planning to buy 5% of the shares, which is expected to be completed in October this year.

    DiegoDellaValle pointed out that the ultimate goal of the group is to maintain a consistently high quality product while attracting more young consumers with a steady stream of creativity. At the same time, it will further break the barriers of online and offline channels and transform to the whole channel. To this end, Tod's group is constantly increasing investment in marketing and digital teams to better grasp the new growth opportunities of luxury brands in the era of digital business.

    In terms of supply chain, Tod's group's production base has always been in the forefront of the industry in terms of quality and flexibility, and can ensure efficient production of series products to effectively meet the new needs of global consumers.

    However, some analysts believe that Tod's group may need to implement more effective transformation measures. Burns analysts have pointed out that the gradual transformation strategy of Tod's group is too slow, if new management can not make effective decisions, or will be forced to sell.

    As of Wednesday's closing, Tod's shares fell 6.19%, and then dropped 2.18% to 44.86 euros after opening Thursday, which has fallen by 25% in the past year, and its current market value is about 1 billion 500 million euros.

    Source: Fashion headline Author: Yohanna

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