Italian leather goods group Piquadro has shown significant progress in reducing its losses during the first half of fiscal year 2022-23. Compared to the previous year, the company reported a loss of only €0.1 million, a substantial improvement from the €1.4 million loss. This positive trend was accompanied by a 26% increase in revenue, reaching €80.2 million. Additionally, Piquadro’s EBITDA rose by approximately €1.7 million, reaching €10.2 million by September 30, 2021.
Among its brands, Piquadro saw a revenue increase of 24.8%, reaching €35.3 million. The Bridge, another brand under the Piquadro group, also experienced strong performance with a revenue of €14.9 million, marking a growth of 34.3%. Lancel, another brand within the group, generated revenue of €30 million, representing a notable increase of 23.5%.
Piquadro remains committed to further growth and aims to exceed previous levels of profitability. Marco Palmieri, the president and CEO of the Piquadro group, expressed satisfaction with the positive results achieved in the first half of the year. He highlighted significant revenue growth across all three brands within the group and across various distribution channels. The company projects a consolidated revenue between €170 million and €175 million for fiscal year 2022-23, with an expected adjusted EBITDA of approximately €15 million.
These results emphasize Piquadro’s continued success in the leather goods industry, showcasing its ability to adapt and thrive in challenging market conditions. The company’s strategic focus on revenue growth for its brands and across various distribution channels positions it for long-term profitability. With its positive financial performance and optimistic outlook, Piquadro is well-positioned to maintain its success in the luxury leather goods market.
Useful links on Piquadro and the leather goods industry:
1. Piquadro Official Website
2. Piquadro CEO Interview on Business of Fashion
