Italy's Piquadro grows 28% last fiscal year, driven by European and e-tail sales
In the financial year ending on 31st March 2018, Italian leather goods group Piquadro, owner of the Piquadro and The Bridge brands, recorded a revenue of €97.6 million, up 28.6% from the previous year’s €75.9 million.
Business and travel goods brand Piquadro grew 4.3%, driven by a 19.7% rise in e-tail sales, while comparable retail sales were up 3.3%. The wholesale channel, which accounted for 44.6% of the group's total revenue, grew by 2.7%, thanks to strong performances in the Italian domestic market (+3.8%) and the rest of Europe (+13.3%). The group’s other brand, The Bridge, closed the year with a revenue of €23.76 million, equivalent to a 24.6% contribution to the group's consolidated growth.
Geographically, the most positive revenue results for the Piquadro group came from Italy, which accounted for 76% of total sales, generating €17.7 million and growing 31.3%, and the rest of Europe, which grew 33.6% with a 21.1% share of total revenue. The rest of the world’s sales were down by 29.1%.
The Piquadro group was founded in 1987 near Bologna by Marco Palmieri, the current President and CEO. It distributes in over 50 countries and operates a total of 114 stores, of which 99 are Piquadro monobrand stores (63 in Italy and 36 outside the country, with 55 directly owned shops and 44 franchises) and 15 are The Bridge stores (12 in Italy and 3 abroad, 8 of them directly owned and 7 franchised ones).
Last March, Piquadro was reportedly in talks with Swiss luxury group Richemont for the acquisition of French leather goods label Lancel, an operation which could potentially be finalised next June.
By acquiring Lancel, the Italian group would add a touch of French glamour to a portfolio currently featuring Piquadro’s travel business range and The Bridge’s artisanal products.
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