Lancel’s sales up by 29% in third quarter
French leather goods label Lancel, founded in 1876 and owned by Italian group Piquadro, recorded a revenue of €21.4 million in Q3, closed on December 31 2021. The result was equivalent to a 28.8% rise compared to the same period the previous year. Sales from Lancel’s monobrand stores increased by 36.2%, while those from the wholesale channel rose by 26.8%. In Q3, Lancel accounted for a 46.9% share of the total sales of the Piquadro group, which is listed on the Milan stock exchange.
In the first nine months of the 2021-22 fiscal year, ended on December 31 2021, Lancel’s revenue was €45.8 million, equivalent to a 32.6% rise over the same period the previous year. The label recorded growth across all its sales channels: wholesale revenue was up 46.3%, retail revenue was up 29.7%, and e-tail growth was 29.1%.
In Q3, the Piquadro Group, whose portfolio includes Lancel and leather goods brands Piquadro and The Bridge, recorded a revenue growth of 36.4%, reaching €45.7 million. In the first nine months of the 2021-22 fiscal year, the group’s revenue was €109.4 million, equivalent to a 33.3% rise.
“Even compared to the pre-pandemic period (2019), the group's revenue in Q3 was on the rise, up by 4%. Lancel enjoyed a highly successful spell in October-December 2021, growing by approximately 29% compared to 2020 and by 22% compared to the same period in 2019,” said Marco Palmieri, CEO of the Piquadro group, which generated 51.7% of its sales in Europe in the first nine months of the year.
The group underlined how the situation remains unpredictable because of the pandemic, and forecast that it will close the 2021-22 fiscal year, on March 31 2022, with a revenue close to €150 million, and with EBITDA comprised between €8 million and €10 million. The group’s return in the black is being driven by the rejuvenated Lancel. The label, sold in 2018 by the Richemont group to Piquadro, has notably accelerated its retail expansion in China.
The Piquadro group is present in 50 countries with 180 monobrand stores, of which 83 for Piquadro, 12 for The Bridge and 85 for Lancel, including the latter’s 64 stores in France.
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