The Piquadro group, one of Italy’s leading leather goods companies, has announced impressive growth for the first half of the fiscal year 2023-24. The company’s revenue reached €85.9 million, marking a significant 7.1% increase compared to the same period last year.
Of particular note is the outstanding performance of Piquadro’s two main brands, Piquadro and The Bridge. Piquadro experienced a robust growth rate of 12.2%, with revenue totaling €39.5 million. Similarly, The Bridge saw an 11% increase, generating €16.6 million. The company’s wholesale revenue demonstrated strong growth at 17.5%, while direct retail experienced an 8% increase. In contrast, The Bridge witnessed a remarkable 24.6% growth in direct retail, while wholesale improved by 8%.
However, French brand Lancel encountered some challenges, experiencing a slight decline of 0.7% in revenue, amounting to €29.8 million. This was primarily attributed to social unrest in France, which happens to be Lancel’s main market, contributing to over 90% of its revenue. Despite this setback, Lancel achieved positive growth in retail sales in China, which soared by an impressive 38% during the observed period.
Italy remained the most significant market for the Piquadro group, generating €41.8 million in revenue, accounting for 48.6% of the total. This represents a noteworthy growth rate of 12.3%. In contrast, the rest of Europe experienced a slight decline of 0.6%, amounting to €40.7 million. On the other hand, the rest of the world displayed remarkable growth, with a revenue of €3.5 million, experiencing a substantial 64.3% increase.
Established by President Marco Palmieri in 1987, the Piquadro group boasts a strong global presence, operating in 50 countries. Currently, the company manages 178 monobrand stores, including 85 Piquadro stores (54 in Italy and 31 elsewhere), 14 The Bridge stores in Italy, and 79 Lancel stores (60 of which are situated in France).
Overall, the Piquadro group’s impressive performance in the first half of the fiscal year speaks volumes about its successful brand portfolio and strategic presence in key markets. Despite the challenges faced by Lancel, the company’s solid growth across its other brands and markets demonstrates its resilience and ability to adapt to evolving consumer trends and market conditions.
Useful Links:
1. Piquadro Official Website
2. The Bridge Official Website
