Italian leather goods company, Piquadro group, has announced impressive financial results for the first half of the year ending on September 30. The company has seen substantial growth in its earnings before interest, taxes, depreciation, and amortization (EBITDA), with a 44.4% increase to €14.7 million. Adjusted EBITDA also experienced a significant rise of 118% to reach €8.5 million.
Piquadro group’s consolidated revenue has demonstrated healthy growth, with a growth rate of 7.1% and totaling €85.9 million. The Piquadro brand itself recorded a revenue of €39.5 million, reflecting a notable 12.1% increase. Additionally, The Bridge, another brand under the Piquadro group, achieved a revenue of €16.6 million, showing an 11% growth. However, Lancel, another brand within the Piquadro group, faced a slight downturn with a revenue of €29.8 million, experiencing a decrease of 0.7%. This decline can be attributed mainly to the recent demonstrations in France, which impacted over 90% of Lancel’s revenue generated in the country.
Despite the challenges faced by Lancel, Piquadro group’s wholesale revenue saw a remarkable increase of 17.5%, and direct retail revenue grew by 8%. The Bridge also witnessed growth, with direct retail revenue experiencing a significant rise of 24.6% and wholesale revenue increasing by 8%. Furthermore, Lancel’s retail sales remained strong in China, growing by 38% during the period.
Geographically, Italy remained the largest market for Piquadro, generating a revenue of €41.8 million, accounting for 48.6% of the total revenue. The Italian market experienced a remarkable growth rate of 12.3%. Conversely, the rest of Europe faced a slight decline of 0.6%, reaching €40.7 million. However, the rest of the world exhibited impressive growth, with a revenue of €3.5 million and a growth rate of 64.3%.
Marco Palmieri, the president and CEO of the Piquadro group, expressed his satisfaction with the company’s performance in the first half of the year. Despite the challenges faced by one of its brands, both Piquadro and The Bridge brands displayed significant growth. Palmieri also emphasized the excellent profitability results, with adjusted EBITDA increasing by 118% and adjusted EBIT growing by an impressive 236%. Additionally, the company’s net financial position has displayed consistent improvement, despite the geopolitical instability witnessed during the period.
In conclusion, Piquadro group has showcased strong financial performance in the first half of the year, with remarkable growth in revenue and profitability. Despite the challenges faced by one of its brands, the overall performance of Piquadro and The Bridge has been impressive. The positive results, along with the continuous improvement in the company’s net financial position, indicate a promising outlook for the future.
Useful links:
– Piquadro Official Website
– The Bridge Official Website
