Italy-based luxury group Tod’s has stated that its total revenue in the year 2016 fell by 3.2 per cent at current exchange rates. Sluggishness in US and Chinese markets coupled with reduced sales of leather goods as well as shoes led to revenue plunge for the group last year.
The fashion retailer said that its sales last year were Euros 1.004 billion (US $ 1.08 billion). Its same-store sales last year were down 12.2 percent at constant exchange rates.
“Sales had improved in the last quarter of the year, compared to the first nine months,” said Diego Della Valle, Chairman and Chief Executive Officer adding, “However, the early feedback of the new summer collections is positive, and this confirms (that the company) is in the right direction, with the new strategy adopted giving us good signals.”
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Tod’s has numerous stores around the world, including large flagship stores in Europe, US, China, Japan, Malaysia, Singapore, Hong Kong, Indonesia, and Australia.